Bajaj Finance Q2 profit up 28% to ₹3,551 cr; NII surges 26%
ADVERTISEMENT
Finance major Bajaj Finance Ltd has reported a consolidated net profit of ₹3,551 crore in the July-September quarter of 2022-23, an increase of 28% from ₹2,781 crore in the same period last year. The company's consolidated net interest income (NII) for Q2 increased 26% to ₹8,845 crore from ₹7,002 crore in the same quarter last year.
Its assets under management (AUM) grew 33% or ₹20,167 crore to ₹2,90,264 crore as of Q2 FY24 from ₹2,18,366 crore in the year-ago period. The number of new loans booked during the said period grew 26% to 8.53 million against 6.76 million in the same time last year. Bajaj Finance’s customer base recorded 22% growth at 7.6 crore as of September 30, 2023, as compared to 6.2 crore last year.
Loan losses and provisions for Q2 FY24 were ₹1,077 crore against ₹734 crore in Q2 FY23. Gross NPA and net NPA as of Q2 FY23 stood at 0.91 % and 0.31%, respectively, against 1.17% and 0.44% in the year-ago period.
The company has a provisioning coverage ratio of 66% on stage 3 assets as of Q2 and the capital adequacy ratio (including Tier-II capital) was 23.19%. It was 21.88% for the Tier-I capital.
October 2025
As India’s growth story gains momentum and the number of billionaires rises, the country’s luxury market is seeing a boom like never before, with the taste for luxury moving beyond the metros. From high-end watches and jewellery to lavish residences and luxurious holidays, Indians are splurging like never before. Storied luxury brands are rushing in to satiate this demand, often roping in Indian celebs as ambassadors.
Bajaj Finance Ltd's standalone profit surged 26% to ₹3,106 crore during the said quarter of the fiscal year compared to ₹2,472 crore in the same period last year. Its net interest income surged 26% to ₹8,059 crore from ₹6,397 crore in the same period last year. Its assets on a standalone basis grew 35% to ₹2,14,891 crore in Q2 vs ₹1,59,452 crore in the year-ago period.
Among its wholly-owned subsidiaries, Bajaj Housing Finance recorded a 47% surge in its net profit to ₹451 crore from ₹306 crore in the same period last year. Bajaj Financial Securities Ltd (BFinsec) generated profit after tax of ₹13 crore for Q2 FY24 against ₹1 crore for Q2 FY23.
On October 5, 2023, the Bajaj Finance board approved the issue of securities for ₹8,800 crore via qualified institutional placement and preferential issue of up to 1,550,000 warrants convertible into equivalent number of equity shares to promoter Bajaj Finserv for ₹1,200 crore.
On 16 October 2023, the company entered into a binding term sheet with Pennant Technologies for a 26% equity stake for ₹267.50 crore. It has received the highest credit rating of AAA/stable for its long-term debt programme, and long-term issuer rating of BBB-/stable, and a short-term issuer rating of A-3 by S&P Global ratings.
The Bajaj Finance stock closed 0.73% up at ₹8,091.35 on the BSE today.
Fortune India is now on WhatsApp! Get the latest updates from the world of business and economy delivered straight to your phone. Subscribe now.