Bajaj Finance Q3 results: PAT rise 18% to Rs 4,308 cr on strong loan growth

India's Bajaj Finance posted a rise in third-quarter profit on Wednesday, helped by strong loan growth during the holiday season.

The non-banking financial company (NBFC) reported a consolidated net profit of Rs 4,308 crore ($497.84 million) for the quarter ended Dec. 31, up around 18% from a year ago.

Consolidated numbers include the businesses of the lender's subsidiaries, Bajaj Housing Finance and Bajaj Financial Securities.

Indians celebrate a string of festivals during the October-December period, spending heavily on items ranging from apparels to electronics, which prop up demand for credit.  ALSO READ: Tata Motors Q3 results: Net profit falls 22% to Rs 5,451 cr on discounts

Bajaj Finance booked 12.06 million new loans during the quarter, a 22% increase from last year, while net interest income grew 23% to Rs 9,382 crore.

Its assets under management grew about 28% to Rs 3.98 trillion, which analysts said was above their expectations.

However, the company's provisions, or money set aside to cover potential bad loans, grew 64% to Rs 2,043 crore.

Indian lenders have been grappling with asset quality stress led by unsecured segments such as credit cards and personal loans.

Its gross non-performing asset ratio deteriorated to 1.12% from 0.95% a year ago.