Bajaj Finance posts highest ever quarterly profit at Rs 1,060 cr in Oct-Dec 2018

Bajaj Finance Ltd Tuesday reported 54 per cent jump in consolidated net profit at Rs 1,060 crore -- the highest ever quarterly profit -- for the third quarter ended December, 2018.

The company had posted a net profit of Rs 690 crore in the same period of the previous fiscal.

The consolidated results of the company include the results of its wholly owned subsidiaries Bajaj Housing Finance Ltd and Bajaj Financial Securities Ltd, it said in a release.

Total income during the December quarter of 2018 was up by 48 per cent at Rs 4,995 crore from Rs 3,374 crore in the same quarter a year ago, it said.

Company's gross non-performing assets (NPAs) and net NPAs as of December 31, 2018 stood at 1.55 per cent and 0.62 per cent respectively, Bajaj Finance said.

The provisioning coverage ratio stood at 60 per cent.

Loan losses and provisions for the third quarter were at Rs 454 crore as against Rs 278 crore in year ago period.

Assets under Management (AUM) as of December 31, 2018 grew by 41 per cent to Rs 1,09,930 crore from Rs 78,033 crore year earlier.

Bajaj Finance said that its consolidated net profit for the nine months ended December of the current fiscal year at Rs 2,819 crore has crossed the full year net profit during 2017-18.

Stock of Bajaj Finance closed at Rs 2,511.90, up 2.27 per cent on BSE.

-PTI