//Bajaj Finance Q2 profit jumps 54% YoY to Rs 923 crore; asset quality worsens

Bajaj Finance Q2 profit jumps 54% YoY to Rs 923 crore; asset quality worsens

NEW DELHI: Bajaj Finance on Tuesday said its consolidated profit jumped 54 per cent year-on-year to Rs 923 crore for September quarter. Analysts in an ET Now poll had estimated the profit figure at Rs 866 crore.

The NBFC had reported Rs 598 crore profit in the year-ago quarter.

Consolidated net interest income (NII) came in at Rs 2,729 crore for the quarter, up 42 per cent over Rs 1,925 crore in the same quarter last year.

Loan losses and provisions for the quarter rose to Rs 315 crore against Rs 221 crore in the year-ago quarter, the company said in a BSE filing.

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Gross NPAs for the quarter rose to 1.49 per cent from 1.39 per cent in the June quarter.

New loan additions rose 63 per cent to 5.26 million during the quarter against 3.23 million in Q2FY18.

Overall, customer franchise as of September quarter at 30.05 million was up 31 per cent over 22.99 million a year-ago.

Assets under Management (AUM) rose 38 per cent to Rs 1,00,217 crore from Rs 72,669 crore in the corresponding quarter last year.