The company’s consolidated net profit rose 39.9% to 29.73 billion rupees ($364.8 million) in the quarter ended December 31. Analysts expect an average profit of 29.24 billion rupees, according to Refinitiv IBES.
Use of credit has increased in India over the past few months, although borrowing costs have increased as economic activity returns from pandemic lows, resulting in strong gains for lenders.
Bajaj Finance said losses on loans and provisions fell to 8.41 billion rupees in the last quarter from 10.51 billion rupees a year earlier.
The quality of non-bank creditors’ assets improved slightly, with gross non-performing assets as a percentage of total loans falling to 1.14% at the end of December, from 1.17% at the end of September.
Net interest income, the difference between interest earned and interest paid, increased by 24% to Rp 74.35 billion.
Earlier this month, the company said it added 3.1 million customers in the quarter, while new loans booked rose 5% year-over-year.
The company’s assets under management at the end of December were 33% higher than last year. ($1 = 81.5000 Indian rupees)
