Bajaj Finance has reported a more-than-doubling of its June quarter net profit to Rs2,596 crore. Its net interest income (NII) increased 48% to Rs6,638 crore in the three months through June, as against Rs4,489 crore in Q1 of the previous financial year. In Q1 FY23, Bajaj Finance clocked the highest-ever new customer acquisition, adding 2.73 million new customers. In the June quarter, Bajaj Finance said it booked 7.42 million new loans as against 4.63 million in Q1 FY22.
Its deposit book stood at Rs34,102 crore as on 30 June 2022 and contributed 20% of consolidated borrowings. During the quarter, with rising interest rates, the company said it has revised its deposit rates upwards by 55-70 bps.
In Q1, the company saw a core assets under management (AUM) growth of Rs11,931 crore, growing across all lines of businesses. Its core AUM was up 31% at Rs2.04 trillion, as against Rs1.56 trillion as of 30 June 2021.
The gross non-performing assets and net non-performing assets stood at 1.25% and 0.51% respectively as on 30 June. In the June quarter, the loan losses and provisions were at Rs755 crore.
“An excellent quarter for the company across balance sheet growth, portfolio quality and profitability. Overall, strong start to the fiscal. Back to all long-term guidance metrics for the last three quarters and on track to go fully digital across all products and services on app (January 2023) and web (March 2023). “Competitive intensity remained elevated across products and the company continues to protect its margin profile across businesses. The company has started increasing pricing across products gradually from June 2022,” the company said in a regulatory filing.