Bajaj Finance Q1 results: Net profit rises 32% YoY to ₹3,437 crore; asset quality improves
₹3,437 crore in the first quarter of FY24, registering a growth of ₹32% from ₹2,596.3 crore in the corresponding quarter of last year. Net interest income (NII) of the non-banking finance company (NBFC), on a consolidated basis, in Q1FY24 increased by 26% to ₹8,398 crore from ₹6,640 crore, YoY. Bajaj Finance’s assets under management (AUM) grew by 32% to ₹270,097 crore as of June 30, 2023, from ₹204,018 crore as of June 30, 2022.
The company recorded its highest ever quarterly increase in its AUM of ₹22,718 crore in Q1FY24. AUM mix remained stable during the quarter under review. Number of new loans booked during the quarter grew by 34% to 9.94 million as against 7.42 million, YoY, highest ever new loans in a quarter, Bajaj Finance said in a release.
In Q1, cost of funds was 7.61%, an increase of 22 bps over Q4 FY23. “Given strong ALM management and diversified balance sheet profile, net impact on NII sequentially was 11 bps. We expect gradual moderation in NII to continue through FY24," the company said.
On the asset quality front, the gross non-performing assets (NPA) ratio of the company in the April-June quarter declined to 0.87% from 0.94% in the previous quarter, and from 1.25% in a year ago period. The net NPA ratio also improved to 0.31% in Q1FY24 from 0.34% sequentially and from 0.51% YoY. Also Read: PNB Q1 Results: Net profit jumps 307% to ₹1,255 crore; NII grows 26% YoY to ₹9,504 crore The shadow lender’s customer franchise stood at 72.98 million as of June 30, 2023, as compared to 60.30 million, YoY, a growth of 21%.
The company recorded its highest ever quarterly increase in its customer franchise of 3.84 million in Q1FY24. Deposits book grew by 46% YoY and stood at ₹49,944 crore in the June quarter. In Q1,
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