Bajaj Auto Finance Q1 net profit up 3-fold at Rs 46.8 cr
Press Trust of India / Mumbai Jul 21, 2010, 11:59 IST
Bajaj Auto Finance today reported a three-fold jump in net profit at Rs 46.8 crore for the first quarter ended June 30, 2010, on the back of increased loan disbursal.
The company had reported a net profit of Rs 15.2 crore in the same quarter a year ago, Bajaj Auto Finance informed the Bombay Stock Exchange.
The net interest income during the quarter increased by 51 per cent at Rs 224 crore compared to Rs 148.2 crore in the same quarter in the previous fiscal.
At the same time, loan disbursal during the quarter almost doubled at Rs 2,046 crore compared to Rs 1,046 crore in the first quarter in 2009-10.
However, the loan loss provisions increased by 13 per cent to Rs 60.6 crore from Rs 53.6 crore in the same quarter in the last fiscal.
During the quarter, the company raised Rs 490 crore of longer tenor borrowing to strengthen its resource base, it said.
The company also launched two new product lines during April-June quarter namely construction equipment finance and Retail loan against Securities.
Shares of the company were trading at Rs 546.90, up 0.90 per cent on the Bombay Stock Exchange.
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Bajaj Auto Finance today reported a three-fold jump in net profit at Rs 46.8 crore for the first quarter ended June 30, 2010, on the back of increased loan disbursal.
