Profit for Bajaj Finance in Q3 rose by 40% YoY to Rs 2973 crore


Posted by: Invostock.com
Published on: January 30, 2023
Profit for Bajaj Finance in Q3 rose by 40% YoY to Rs 2973 crore

Bajaj Finserv Ltd(NSE: BAJAJFINSV) 4.86% reported a 40% year-over-year increase in the consolidated net profit for Q3(December 22), thanks to increased net interest income and decreased bad loan provisions.

The net income was Rs 2,973 crore, up from Rs 2,125 crore during the same period last year. The pre-tax profit increased to Rs 4,012 crore from Rs 2,868 crore, a 40% increase.

As of the end of December, the non-banking finance company's gross non-performing assets had decreased to 1.14% from 1.73% a year earlier, indicating an improvement in asset quality. As a percentage of total assets, net NPA was 0.41%, down from 0.78%.

Compared to last year's loan losses and provisions decreased to RS 841 crore in the third quarter. The results should be taken positively by Dalal street in the Monday morning trading session, and NIFTYBANK can take support at bottom levels at around 39600.