Bajaj Finance recorded its best-performance in consolidated profit after tax at Rs 2,973 crore in the third quarter ending 31 December 2022 (Q3FY23). It is 40 percent up from the profit of Rs 2,125 crore in the corresponding quarter last year (Q3FY2).
The asset under management (AUM) of the company jumped 27 percent to Rs 2.30 trillion from Rs 1.81 trillion last year.
The new loans booked during the quarter were record-high at 7.84 million.
The profit before tax was Rs 4,012 crore, up 40 percent from Rs 2,868 crore in Q3FY22. The gross and net non-performing assets (NPAs) improved during the quater.
“Gross NPA and Net NPA as of December 31, 2022, stood at 1.14 percent and 0.41 percent, respectively, as against 1.73 percent and 0.78 percent as of December 31, 2021. The company has a provisioning coverage ratio of 64 percent on stage 3 assets and 116 bps on stage 1 and 2 assets as of December 31, 2022,” the company said.
For Q3FY23, operating expenses were 34.7% of net interest income, down from 35.9% in Q2FY23 and 34.7% in Q3FY22.
Customer franchises reckoned at 66.05 million as of December 31, 2022, against 55.36 million as of December 31, 2021, up 19 percent.
“The company recorded the highest ever quarterly increase in its customer franchise of 3.14 million in Q3FY23,” it said.
Further, the loan losses and provisions stood at Rs 841 crore during the third quarter versus Rs 1,051 crore in Q3FY22.