Bajaj Finance Q3: Highest-Ever PAT, NII Surges, Asset Health Improves

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Bajaj Finance Q3: Highest-Ever PAT, NII Surges, Asset Health Improves
Credit: © Reuters.

By Malvika Gurung -- The NBFC giant Bajaj Finance (NS: BJFN ) released its earnings results for the December ending quarter on Friday, posting a stellar bottomline figure, surpassing the Street’s estimates.

The mega-cap financial major reported its highest-ever consolidated quarterly profit after tax in Q3 FY23 at Rs 2,973 crore, surging 40% on a YoY basis from Rs 2,125 crore.

The company also witnessed the highest-ever new loans booked in Q3 FY23 at 7.84 million, while its net interest income (NII) rose 27% YoY in the quarter to Rs Rs 7,435 crore from Rs 6,005 crore in the year-ago period.

Read Also: Bajaj Finance Posts Highest-Ever New Loans Booked in Q3: Biz Update

The NBFC’s NII grew by 28% after adjusting the NII of Rs 203 crore earned on IPO financing in the quarter under focus, which has since been discontinued due to a change in regulation.

Bajaj Finance’s asset quality also improved in the third quarter of FY23 as gross NPA dropped significantly to 1.14% from 1.73% in the corresponding quarter of last year, and net NPA reduced to 0.41% from 0.78%.

Its customer franchise recorded the highest-ever quarterly increase of 3.14 million in the December quarter. It stood at 66.05 million as of Dec 31, 2022, growing 19% from the year-ago period.

The finance company’s total operating expenses to NII for the quarter under review was 34.7% compared to 35.9% in 02 FY23 and 34.7% in 03 FY22.

Its annualized return on average assets stood at 5.4% in Q3 from 5.1% year-on-year, and the annualized return on average equity rose to 24% from 21.2% in 03 FY22.

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