Bajaj Fin net up 42%;shareholders approve Rs4500cr fundraising

Bajaj Finance today reported a jump of 42 per cent in its net profit at Rs 602 crore for the first quarter ended June of 2017-18.
Net profit in April-June of 2016-17 was at Rs 424 crore.
Total income rose 39 per cent to Rs 3,165 crore for the June quarter as against Rs 2,282 crore a year ago, the company said in a regulatory filing.
Shareholders also approved the proposal of Rs 4,500 crore fund-raising by issuing debt securities through qualified institutions placement.
Its loan losses and provisions for the quarter under review were Rs 286 crore as against Rs 180 crore a year earlier.

"During the quarter, the company took an additional charge of Rs 42 crore across its consumer and infrastructure finance businesses. Adjusted for this additional charge, loan loss and provisions were Rs 244 crore and have grown 36 per cent," it added.
Bajaj Finance asset under management (AUM) as on June 31, 2017 were up 39 per cent at Rs 68,883 crore, from Rs 49,608 crore as of June end 2016.
The stock traded 1.41 per cent up at Rs 1,534.25 on the BSE today.