Non-banking finance company Bajaj Finance reported a 52% increase in its consolidated net profit to ₹1,614 crore for the quarter ended December 31, on healthy growth in net interest income (NII) and also due to the cut in corporate tax rate.
This was the highest-ever quarterly consolidated profit of the company.
Total income increased by 41% to ₹7,026 crore compared with the ₹4,992 crore reported in the third quarter of FY19.
Net interest income grew by 42% to ₹4,537 while provisions rose to ₹831 crore from ₹451 crore.
Bajaj Finance shares rose 4.95% to close the day at ₹4,421.75 on the BSE.
Assets under management (AUM) rose 35% to ₹1,45,092 crore. as on 31 December 2019, which including AUM of ₹30,035 crore of its housing finance subsidiary, Bajaj Housing Finance Limited (BHFL), which recorded a growth of 115% over the AUM as on December 31, 2018. Gross and net NPA ratios stood at 1.61% and 0.70%, respectively as at end December.
Bajaj Finserv Limited (BFS), the holding company for various financial services businesses under the Bajaj Group, reported a 32% increase in the consolidated profit after tax to ₹1,126 crore.
Total income rose 31% to ₹14,561 crore.
