Bajaj Finance Q1FY23 Results: Company posts highest ever consolidated profit Rs 2,596 crore; key highlights

Financial heavyweight Bajaj Finance on Wednesday reported the highest ever consolidated profit after tax of Rs 2,596 crore in the first quarter of the financial year 2022-23 (Q1FY23), the non-banking finance company (NBFC) said in results filing. 

In comparison, the NBFC firm had reported Rs 1,002 crore in the June-end quarter of the financial year 2021-22. 

Bajaj Finance also reported that its assets under management (AUM) crossed a milestone of Rs 200,000 crore in Q1FY23 and stood at Rs 204,018 crore as of 30 June 2022, up 28 per cent year-on-year. 

Consolidated Performance Highlights- 01fy23 

>- New loans booked during 01FY23 jumped by 60 per cent to 7.42 million as against 4.63 million in 01 FY22. 

>- Customer franchise stood at 60.30 million as of 30 June 2022 as compared to 50.45 million as of 30 June 2021, a growth of 20 per cent.  

>- The company recorded the highest ever quarterly increase in its customer franchise of 2.73 million in Q1FY23. 

>- Net interest income for Q1FY23 increased by 48 per cent to Rs 6.638 crore from Rs 4.489 crore in Q1FY22. 

>- Total operating expenses to net interest income for Q1FY23 was 35.9 per cent as against 30.6 per cent in Q1FY22. 

>- Loan losses and provisions for Q1FY23 were Rs 755 crore as against Rs 1.750 crore in Q1FY22. 

>- The company holds management and macro-economic overlay of Rs 1.000 crore as of 30 June 2022. 

>- Gross NPA and Net NPA as of 30 June 2022 stood at 1.25 per cent and 0.51 per cent respectively, as against 2.96 and 1.46 per cent as of 30 June 2021.  

>- The Company has provisioning coverage ratio of 60 per cent on stage 3 assets and 130 basis points on stage 1 and 2 assets as of 30 June 2022.  

>- Capital adequacy ratio (including Tier-II capital) as of 30 June 2022 was 26.16%. The Tier-I capital was 23.84%.