You are here: Home » Companies ยป Results
Vedanta's Q3 net profit falls 42%, announces dividend of Rs 12.5 a share
icon-arrow-left
Bhilai steel plant hits 1 million tonnes plate production mark in FY23
Business Standard

Bajaj Finance net profit jumps 40% in Q3 to Rs 2,973 crore; AUM up 27%

Bajaj Finance Q3 result: The new loans booked during the quarter were highest ever at 7.84 million

Topics
Bajaj Finance | Q3 results | NBFC

BS Web Team  |  New Delhi 



Bajaj Finance

reported its highest ever consolidated profit after tax of Rs 2,973 crore in the third quarter of the current fiscal year (Q3FY23). It is 40 per cent higher than the profit of Rs 2,125 crore in the same quarter last year (Q3FY2). The asset under management (AUM) of the company was up 27 per cent to Rs 2.30 trillion as compared to Rs 1.81 trillion last year.

The new loans booked during the quarter were highest ever at 7.84 million. The profit before tax also rose 40 per cent to Rs 4,012 crore from Rs 2,868 crore in Q3FY22. The gross and net non-performing assets (NPAs) also fell during the quarter.

"Gross NPA and Net NPA as of December 31, 2022, stood at 1.14 per cent and 0.41 per cent respectively, as against 1.73 per cent and 0.78 per cent as of December 31, 2021. The Company has provisioning coverage ratio of 64 per cent on stage 3 assets and 116 bps on stage 1 and 2 assets as of December 31, 2022," the company said.

The total operating expenses to net interest income for Q3FY23 was 34.7 per cent as against 35.9 per cent in Q2FY23 and 34.7 per cent in Q3FY22. The company added that the customer franchise stood at 66.05 million as of December 31, 2022, as compared to 55.36 million as of December 31, 2021, a growth of 19 per cent.

"The company recorded highest ever quarterly increase in its customer franchise of 3.14 million in Q3FY23," it said.

Further, the loan losses and provisions for Q3FY23 was Rs 841 crore as against Rs 1,051 crore in Q3FY22.


Subscribe to Business Standard Premium

Exclusive Stories, Curated Newsletters, 26 years of Archives, E-paper, and more!

Insightful news, sharp views, newsletters, e-paper, and more! Unlock incisive commentary only on Business Standard.

Download the Business Standard App for latest Business News and Market News .

First Published: Fri, January 27 2023. 16:43 IST

RECOMMENDED FOR YOU

.