Bajaj Fin troubled by rapid growth of personal loans
₹3,437 crore for the three months ended June, owing to higher net interest income. Net interest income (NII) rose 26% to ₹8,398 crore in the June quarter, from ₹6,640 crore a year earlier. Bajaj Finance said it recorded highest-ever quarterly growth in assets under management of ₹ 22,718 crore last quarter and expects AUM growth to be 29-31% in FY24.
In Q1, Bajaj Finance said it added 3.84 million new customers to the franchise and is confident of adding 12-13 million in the current financial year. As of June-end, the app platform has 40.2 million net users, it said. Bajaj Finance said its new loans booked rose 34% to 9.94 million in Q1, from 7.42 million a year earlier.
Meanwhile, the company has decided to put the entire portfolio in Manipur under moratorium with chief financial officer Sandeep Jain stating that the amount is not large. The state has been experiencing widespread ethnic violence since May. Bajaj Finance’s total deposits stood at ₹49,944 crore as of 30 June, marking a 46% increase, and accounting for 21% of consolidated borrowings.
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