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Bajaj Finance Shares Hit New High After Reporting 63% Surge In Q2 Profit

By Staff
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On Tuesday, Bajaj Finance reported a 63 percent increase in net profit for the September-ended quarter at Rs 1,506.3 crore from Rs 923 crore in the same period a year ago. Shares of the non-banking finance company rose by 2 percent, after the announcement, to mark its new 52-week high of Rs 4,219.85 before losing momentum.

Bajaj Finance Shares Hit New High After Reporting 63% Surge In Q2 Profit
Bajaj Finance: Quotes, News
BSE 4134.00BSE Quote34.95 (-0.85%)
NSE 4144.55NSE Quote24.5 (-0.59%)
 

The company's net interest income was up by 48 percent on a year-on-year basis to Rs 3,999 crore for the second quarter of 2019-20. Its consolidated assets under management (AUM) grew at 38 percent YoY to Rs 1.35 lakh crore.

Bajaj Finance said that its new customer acquisition momentum for the quarter under review was strong at 1.92 million. As of 30 September 2019, the total customer franchise stood at 38.70 million, a 29 percent increase YoY.

The company's asset quality was stable with gross non-performing assets (NPAs) as a percentage of gross advances at 1.61 percent for the September-ended quarter as against 1.60 percent in the previous quarter while net NPAs rose by 2 basis points from the previous quarter to 0.65 percent.

Bajaj Finance's new loans were up by 23 percent YoY to 6.47 million in the July-September period.

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