The company is upgrading its consumer app.  The current application is 12.9 million customers.The company is upgrading its consumer app. The current application is 12.9 million customers.

Bajaj Finance on Tuesday reported a 53% year-on-year rise in consolidated net profit of Rs 1,481 crore for the quarter ended September 30. Assets under management (AUM) for the September quarter grew by 22% YoY to Rs.1,66,937 crore. Compared to Rs 1,37,090 crore as of September 30, 2020.

Net interest income for the second quarter of FY22 increased by 28% to Rs.5,335 crore as compared to Rs.4,162 crore in the second quarter of FY21. The interest income reversal for the quarter was Rs.322 crore as compared to Rs.216 crore in the second quarter. From FY21”, the company said. “In the absence of a third wave, the company expects quarterly interest reversals to normalize to Rs 180-200 crore by Q3 FY22,” said Rajiv Jain, Managing Director of Bajaj Finance.

“During the quarter, the company accelerated the write-off of Rs 355 crore of the outstanding amount due to stress related to Covid-19 and progress on the write-off policy,” the company said. To protect itself from a possible third wave, the company said it increased the provision of administrative overlay during the second quarter to Rs 832 crore as of September 30, 2021 from Rs. 483 crore as of June 30, 2021.

Loan losses and provisions for the quarter were Rs.1,300 crore, as against Rs.1,700 crore in the September quarter of FY21. Total provisions in the first half of FY22 were Rs.3,051 crore.

Total Non-Performing Assets stood at 2.45% and Net NPAs at 1.10% as on 30th September, compared to 2.96% Gross NPAs and 1.46% Net NPAs in Q2FY2020. Total Non-Performing Assets decreased as of 30th September 2021 to Rs 4,103 crore As against Rs 4,737 crore on June 30, 2021, while the net NPA decreased to Rs.1,826 crore from Rs.2,307 crore on June 30, 2021.

Jane said that in the absence of a third wave, the company expects the quarterly AUM growth rate for the balance sheet to be strong. New loans booked during the September quarter were 6.33 million, compared to 3.62 million in fiscal year 21. Customer franchises grew 20% to 52.80 million as of September 30, 2021, compared to 44.11 million in the corresponding period last year. Customer franchise increased by 2.35 million in the September quarter compared to 1.16 million in fiscal year 21.

During the quarter, the company expanded its presence to 216 new locations. The total geographic footprint was 3,329 locations and 1,19,900 distribution points. The company also increased its number of employees by 2,000 to support its growth.

The company is upgrading its consumer app. The current application is 12.9 million customers. Jain said this is part of the company’s omnichannel strategy to enable customers to seamlessly transition from online to offline and vice versa without any friction.

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