Bajaj Finance Jul-Sep Net rises 46% at Rs 408 crore

Bajaj Finance has reported a rise of 46 per cent in its standalone net profit at Rs 408 crore in the second quarter ended September 30, 2016.
The company's net profit stood at Rs 279 crore in the similar second quarter of previous fiscal 2015-16.
Total income (standalone) of the financier rose by 39 per cent to Rs 2,366 crore during July-September 2016-17, up from Rs 1,701 crore a year ago, it said in a release.
Bajaj Finance's new loan booked in the second quarter of current fiscal swelled by 56 per cent to 21,76,798 from 13,93,309 in second quarter of 2015-16.

The assets under management (AUM) were up by 38 per cent to Rs 52,332 crore from Rs 37,964 crore.
The gross non-performing assets (NPAs) and net NPAs as of September 30, 2016 stood at 1.58 per cent and 0.43 per cent respectively.

Loan losses and provisions rose by 23 per cent to Rs 169 crore during the quarter from Rs 137 crore a year earlier.
At the board meeting held today, the company got approval to raise funds through debt instruments within its overall borrowing limit of Rs 75,000 crore.
The company has also increased its share capital from Rs 75 crore to Rs 150 crore. During the quarter, Bajaj Finance sub-divided its equity shares of face value of Rs 10 each to Rs 2 each.

A three decade old non-banking financial company (NBFC) of the Bajaj Group, Pune headquartered Bajaj Finance provides consumer, rural, SME, commercial finance products.
Bajaj Finance stock closed 3.89 per cent down at Rs 1105.15 on BSE.