Bajaj Finance Q2 Net Profit Surges To Rs 2,781 Cr
The gross non-performing asset ratio, a measure of asset quality, eased to 1.17 per cent at the end of September from 2.45 per cent in 2021
Bajaj Finance Ltd reported a record quarterly profit on Thursday, beating estimates on improved demand for loans and better asset quality. Consolidated profit rose 88 per cent to Rs 2,781 crore in the second quarter, ending on Sept. 30 2022, from Rs 1,481 crore 2021, the organisation said in an exchange filing.
Demand for credit is still at an all-time high, despite a series of interest rate hikes by RBI, as reported by banks and shadow lenders. As per IBES data, Bajaj Finance outperformed itself this quarter because the expected profit was Rs2,680 crore only. Its net interest income advanced by 31 per cent and new loans booked went up by 7 per cent.
The gross non-performing asset ratio, a measure of asset quality, eased to 1.17 per cent at the end of September from 2.45 per cent in 2021. Meanwhile the company’s assets under management are a whopping Rs 2.18 trillion, up by 31 per cent.
