Bajaj Finance Tuesday posted their quarterly financial report with a 54 per cent rise in its consolidated net profit, standing at Rs. 923 crores in the September-end quarter, helped by higher growth in assets under management. The net profit of the company for the corresponding quarter of the previous fiscal was reported at Rs. 598 crores.

Total income of Bajaj Finance for the quarter under review, on a consolidated basis, jumped by 40 per cent to Rs.4,296 crores, as against Rs. 3,066 crores during the corresponding period of last year.

The Non-banking financial company’s (NBFC) consolidated AUM stood at Rs. 1,00,217 crores in the reporting quarter, as against Rs. 72,669 crores in the previous fiscal corresponding quarter.

Rajeev Jain, CEO & managing director of Bajaj Finance, said, “We saw a strong growth in the quarter. Our asset under management (AUM) grew by 38 per cent.” The consolidated results of the company include the results of its wholly owned subsidiaries Bajaj Housing Finance and the newly acquired Bajaj Financial Securities (BFinsec).

According to the Bajaj Finance’s regulatory filings, the loan losses and provisions increased to Rs. 315 crores, from Rs. 221 crores in the year-ago quarter. Gross non-performing asset (NPA) stood at 1.49 per cent, while net NPA was at 0.53 per cent.

The company saw its cost of borrowing flat at 8.21 per cent during the quarter, on a sequential basis. On a standalone basis, the Bajaj Finance reported a 55 per cent increase in net profit at Rs.920 crores, in comparison to Rs.594 crores from the year-ago quarter.

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