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Bajaj Finance Ltd, a leading non-banking finance company, reported a 35 per cent increase in assets under management (AUM) to ₹3.11 lakh crore in the December-ending quarter as compared to ₹2.3 lakh crore in the year-ago period, according to the business update filed with the stock exchanges.
This is the first time the company’s AUM had surpassed the ₹3-lakh-crore mark.
The latest 35 per cent year-on-year jump was better than the 33 per cent rise, which itself was a four-year high, seen in the September-ending quarter at ₹2.9 lakh crore.
The AUM in Q3 FY24 grew by about ₹20,700 crore, Bajaj Finance said.
In the third quarter of this fiscal, the number of new loans booked by Bajaj Finance grew 26 per cent to 98.6 lakh from 78.6 lakh loans in the December quarter of the previous year.
Overall customer franchise as of December 31, 2023 stood at 8.41 crore compared to 6.6 crore as of December 31 in the previous year. In Q3 FY24, the customer franchise increased by 38.5 lakh, according to Bajaj Finance’s stock exchange filing.
The company also said that its liquidity position remains strong and the consolidated net liquidity surplus stood at ₹11,600 crore as of December 31, 2023.
The company’s deposits book grew 35 per cent to touch ₹58,000 crore in the third quarter of the current financial year as compared with ₹42,984 crore in the same quarter of the previous financial year Bajaj Finance is now the country’s largest deposit-taking NBFC.
Bajaj Finance had, in November last year, raised ₹8,800 crore through a Qualified Institutional Placement (QIP) issue. The company had earlier raised ₹1,200 crore through a preferential issue of shares to the promoter Bajaj Finserv.
Meanwhile, Bajaj Finance has launched Digital Fixed Deposit (FD), offering exclusive rates of up to 8.85 per cent on deposits booked via its App and Website.
Coinciding with the turn of the year, the Digital FD transforms the saving experience by encouraging customers to use digital and assisted digital mode to book deposits.
Effective January 2, 2024, Bajaj Finance is offering up to 8.85 per cent per annum to senior citizens for a tenure of 42 months for FDs booked on the Bajaj Finserv App and web. Depositors below 60 years can earn up to 8.60 per cent per annum.
The revised rates will be applicable on fresh deposits and renewals of maturing deposits of up to ₹5 crore for a tenure of 42 months, the company said.
Bajaj Finance had 76.56 million customers with 44.68 million net users on its App platform as of September 30, 2023. The Bajaj Finserv App is the fourth most downloaded app in the financial domain on Playstore in India as per data.io report.
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