Bajaj Finance Q1 net profit up 42% to Rs 602 cr

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New Delhi: Bajaj Finance reported gain in net profit June quarter on an increase in net interest income (NII) and expansion in assets under management (AUM). The non-banking finance corporation’s net profit throughout the quarter increases 42 per cent to Rs 602 crore from Rs 424 crore in the similar period a year before.

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Total income was Rs 3,165 crore, a 39 per cent increase from Rs 2,282 crore in the similar quarter previous year. The NII augmented 49 per cent, on yearly basis, to Rs 2,087 crore from Rs 1,399 crore. Interest earnings up 39 per cent next to a 22 per cent augment in interest expense.

Bajaj Finance’s board accepted the issue of securities for around Rs 4,500 crore to institutional investors. The corporation’s capital in June quarter was 20.15 per cent, rise from 17.85 per cent a year before, with capital of 14.2 per cent.

Throughout the June quarter, Bajaj Finance gained Rs 600 crore through tier-II bonds to enlarge its capital base. The Bajaj Finance stock concluded at Rs 1,540, raise 2 per cent over its past close on the Bombay Stock Exchange. Lending to small and medium businesses accounted the sluggish expansion of 17 per cent over the year before period.

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