Bajaj Finance Q1 results beats street expectations
Published On: Wednesday, July 27, 2022 | By: Team KnowMyStock
Bajaj Finance on Wednesday reported a 159% jump in consolidated net profit at Rs 2,596 crore for the quarter ending June 30, 2022, beating street estimates. It reported a consolidated net profit of Rs 1,002 crore in the year-ago period.Net interest income (NII) climbed by 48% to ₹6,638 crores in the quarter under review from ₹4,489 crores in Q1 of last year. New loans booked during the quarter grew by 60% to 74.2 lakh as against 46.3 lakh in the corresponding year-ago quarter. Customer franchise stood at 6.03 crore, registering a growth of 20 percent. The company recorded its highest ever quarterly increase in its customer franchise of 27.3 lakh in Q1FY23. The company's assets under management grew by 28% to Rs 2.04 trillion as of June 30, 2022. Loan losses and provisions for Q1FY23 were at Rs 755 crore as against Rs 1,750 crore in Q1FY22. The company holds a management and macro-economic overlay of Rs 1,000 crore, Bajaj Finance said.
“An excellent quarter for the company across balance sheet growth, portfolio quality and profitability. Highest ever new customer acquisition in Q1. Overall, strong start to the fiscal. Back to all long-term guidance metrics for the last three quarters. On track to go fully digital across all products and services on app (January 2023) and web (March 2023)," the company said.
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