Bajaj Finance net profit jumps

Bajaj Finance on Thursday reported a 83 per cent rise in its standalone net profit for the June quarter to Rs 833.7 crore, higher than what analysts had estimated, as it earned more in interest income. The firm had reported a net profit of Rs 456.40 crore in the year-ago quarter.

The NBFC reported a net interest income of Rs 2,578 crore for Q1, around 46 per cent higher than a year ago, the firm said in a stock exchange filing on Thursday.

Total income rose 34 per cent year-on-year to Rs 3,796 crore and provisions were 5 per cent higher at Rs 321.05 crore. Assets under management (AUMs), as on June 30, were 25 per cent higher than at the end of the June quarter last year, at Rs 86,042 crore. It’s capital adequacy ratio, including tier-I I capital, for the first quarter stood at 23.04 per cent, The tier-1 capital stood at 17.92 per cent. Total slippages for were at Rs 379 crore.

Its asset quality remained stable with gross NPA as a percentage of loans, falling 9 basis points to 1.39 per cent.