Bajaj Finance announced its third quarter result on Wednesday. Non-Banking Financial Company (NBFC) earned a net profit of Rs 4,308 crore ($ 497.84 million) in the quarter ended December 31, which is about 18% more than the previous year.
Bajaj Finance’s net interest income (NII) in the third quarter increased to Rs 9,382 crore year after year (YOY), which was Rs 7,655 crore in the same quarter last year. There was a 28 percent increase in the company’s managing properties (AUM) of this strong performance, which reached Rs 3.98 lakh crore by 31 December 2024, compared to Rs 3.11 lakh crore in the same period last year.
The company also increased the number of customers. In the third quarter, the company added 5.03 million new customers. Now the total customer base of the company has reached 97.12 million, which is 21 percent more than the number of 80.41 million in the previous year. Additionally, the new loan booking in this quarter also stood at a record high, which was 12.06 million, which is 22 percent more than the same quarter of the previous year.
According to experts, many festivals are celebrated between October-December in India and during this time people spend heavy on many items from clothes to electronics. Due to this, the demand for credit increases, the effect of which is being seen in the result.
Bajaj Finance shares closed over 2 percent on Wednesday at 7758 levels. The highest level of this stock was 7824, which was seen in September last year, while its lower level was 6190, which was recorded on 6 March 2024.
Bajaj Finance Limited is one of India’s major non-banking financial companies (NBFC), which offers financial service for consumers and businesses. The company was established in 1987 and is part of Bajaj Finserv Limited.