Bajaj Fin net up 63 per cent to Rs 1,506 cr

PUNE: Bajaj Finance, on Tuesday reported 63.11 per cent year-on-year (YoY) rise in consolidated net profit at Rs 1,506.29 crore for the second quarter ended September 30, beating estimates, which propelled its shares to new high.

The Pune-headquartered non-banking finance company had posted a net profit of Rs 923 crore in the same quarter of the previous year.

Analysts tracked by Bloomberg had estimated its net profit at Rs 1,434 crore.

Net interest income increased 48 per cent YoY to Rs 3,999 crore in the second quarter, with assets under management growth of 38 per cent at Rs 1.35 lakh crore YoY.

The non-banking finance company said new loans increased 23 per cent YoY to 64.7 lakh in September quarter.

Its asset quality was also largely stable with gross non-performing assets as a percentage of gross advances at 1.61 per cent for the quarter.