Bajaj Finance Q2 results | Profit jumps 53.5% to Rs 1,481 crore, assets under management grow 22%

Bajaj Finance Q2 results | Profit jumps 53.5% to Rs 1,481 crore, assets under management grow 22%

Leadingnon-banking finance company Bajaj Finance has clocked a53.5 percent time-on- time growth in consolidated profit at Rs crore in September 2021 quarter following lower vittles and enhancement in asset quality.
Consolidated net interest income for the quarter at Rs crore grew by 28 percent compared to the time-ago period, the Bajaj Group Company said in its BSE form.” Interest income reversal for the quarter was Rs 322 crore as compared to Rs 216 crore in Q2FY21,”it said.
New loans reserved during the quarter were6.33 million, over from3.62 million in the matching period last financial.
” Client ballot stood at52.80 million as of September 2021 compared to44.11 million as on September 2020, a growth of 20 percent. Client ballot increased by2.35 million in Q2FY22 compared to1.16 million in Q2FY21,” said BajajFinance.The company said means under operation (AUM) grew by 22 percent time-on- time to Rs crore as of September 2021.”Core AUM growth in Q2FY22 was roughly Rs crore,”it said.
The company reported enhancement on the asset quality front. Grossnon-performing means as a chance of gross advances fell 51 bps successionally to2.45 percent in Q2FY22 and net NPA declined 36 bps QoQ to1.10 percent.
The company said it had a provisioning content rate of 55 percent on stage 3 means and 155 bps on stage 1 and 2 means as of September 2021.
Loan losses and vittles for the quarter were at Rs crore, which was lower compared to Rs crore reported in Q2FY21.
“During the quarter, the company has done accelerated write-offs of Rs 355 crore of top outstanding on account of Covid-19 affiliated stress and advancement of write-off policy. The company holds operation andmacro-economic overlay of Rs 832 crore as of September 2021,”it said.

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