Bajaj Finance Q1 Result

Profit more than doubles to Rs. 2,596 crore

New loans booked during the quarter increased by 60% to 74.2 lakh, up from 46.3 lakh in Q1FY22.

Its net interest income climbed by 48 percent to Rs. 6,638 crore in the three months to June, compared to Rs. 4,489 crore in the same period last year.

Bajaj Finance Ltd reported a more-than-doubling of its June quarter net profit to Rs. 2,596 crore on Wednesday, thanks to higher net interest revenue and lesser provisions.

Its net interest income (NII) grew 48 percent to Rs. 6,638 crore in the three months to June, compared to Rs. 4,489 crore in the same period last year.

Bajaj Finance reported the highest-ever new customer acquisition in Q1 FY23, acquiring 2.73 million new clients.

As of 30 June, its client franchise was at 60.3 million, and the company stated that it expects to attract 9-10 million new subscribers in FY23.

The company's assets under management (AUM) surpassed Rs 2,00,000 crore in the quarter and will stand at Rs 2,04,018 crore as of June 30, 2022, up 28 percent.

Loan losses and provisions were Rs 755 crore in Q1FY23, compared to Rs 1,750 crore in Q1FY22. As of June 30, 2022, the capital adequacy ratio (including Tier II capital) was 26.16 percent. Tier I capital accounted for 23.84 percent of total capital.

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