Bajaj Finance Limited, a subsidiary of Bajaj Finserv, on Thursday posted a consolidated profit after tax (PAT) of Rs 2,781 crore for the second quarter ended September 2022, up 88 percent from Rs 1,481 crore reported in the same quarter last fiscal.
Sequentially, the Indian non-banking financial company reported a profit of Rs 2,596 crore. The company revealed in an exchange filing that, in the second quarter, it recorded the highest-ever consolidated quarterly profit after tax.
Net interest income (NII) for Q2FY23 was Rs 7,001 crore, up 31 percent on-year from Rs 5,337 crore.
New loans booked advanced to 67.6 lakh, up by 7 percent YoY. Consolidated assets under management (AUM) saw a growth of 31 percent to Rs 2,18,366 crore compared with Rs 1,66,937 crore in Q2FY22.
Asset quality improved both sequentially and year-on-year. Gross Non-Performing Asset came in at 1.17 percent in the recently ended quarter, better than 2.45 percent a year ago. Net Non-Performing Asset notched 0.44 percent against 1.10 percent in the second quarter a year ago.
The NBFC says it’s on trajectory to go fully digital across all products and services by March 2023. “An excellent first half for the company across balance sheet growth, portfolio quality and profitability. Strong momentum across all lines of businesses with secular AUM growth in the first half. Confident of strong FY 2023. Phase 1 of Web 2.0 has gone live.”
Gross NPA and net NPA stood at 1.25 percent and 0.51 percent, respectively, as of the end of the first quarter.
The pune headquartered company saw its loan losses and provisions for the quarter-ended coming down 44 percent YoY to Rs 734 crore.