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Bajaj Finance today reported a 81 per cent year-on-year jump in consolidated net profit to Rs 836 crore in the June quarter, helped by better operating expenses and increase in fee income.
The company had posted a net profit of Rs 461 crore in the same quarter last year.
Rajeev Jain, managing director, Bajaj Finance, said, .
“The main driver (for increase in profit) was lower operating expenses and strong fee income.”
The company’s asset under management on consolidated basis stood at Rs 93,314 crore in the period, compared with Rs 68,945 crore in the year-ago period.
The company is reporting its result under the new accounting norms for the first time.
Bajaj Finance conducts its mortgage business through a 100 per cent subsidiary - Bajaj Housing Finance.
On standalone basis, the company reported a net profit of Rs 834 crore in the April-June quarter, compared with Rs 456 crore in the same period last year.
The loan losses and provisions for the reporting quarter stood at Rs 327 crore, against Rs 305 crore in the year-ago quarter.
Gross NPA and net NPA stood at 1.39 per cent and 0.44 per cent, respectively.
The company’s provisioning coverage ratio stood at 69 per cent and standard assets provisioning increased to 89 basis points.
Its scrip ended ended 1.19 per cent higher at Rs 2,517.60 apiece on the BSE today, against 0.06 per cent decline in the benchmark.
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