Bajaj Finance Q2 profit moves up 63 pc to Rs 1,506 crore

-
Bajaj Finance Q2 profit moves up 63 pc to Rs 1,506 crore

The results of Bajaj Finance include results of its wholly-owned subsidiaries Bajaj Housing Finance and Bajaj Financial Securities.

Mumbai (Maharashtra) [India], Oct 22 :
Finance said on Tuesday that its consolidated profit after tax jumped 63 per cent to Rs 1,506 crore during the July to September quarter from Rs 923 crore in the same period of the previous year.
Net interest income of the country’s largest consumer durable lender was up by 48 per cent to Rs 3,999 crore from Rs 2,708 crore in Q2 FY19. The results are significant as the country’s economic growth has been hit by a dramatic consumption slowdown, which has dampened demand for consumer durables.
Bajaj Finance said its assets under management as of September 30 grew by 38 per cent to Rs 1.35 lakh crore from Rs 98,013 crore as of September 30 last year. At the same time, total operating expenses to net interest income for Q2 FY20 was 34.6 per cent against 35.4 per cent in Q2 FY19.
Gross non-performing assets (NPAs) and net NPAs recognised as per RBI prudential norms and provisioned as per expected credit loss (ECL) method prescribed in Ind AS stood at 1.61 per cent and 0.65 per cent respectively. The provisioning coverage ratio at the end of Q2 was 60 per cent.
The results of Bajaj Finance include results of its wholly-owned subsidiaries Bajaj Housing Finance and Bajaj Financial Securities.
While new loans booked during Q2 FY20 increased by 23 per cent to 64.7 lakh from 52.6 lakh in Q2 FY19, customer franchise as of September 30 increased by 29 per cent to 3.87 crore from 3 crore at the end of Q2 FY19.
Source: ANI

Comments

Post a Comment

Popular posts from this blog

Lathi Charge: A legalised method of police brutality

-
Image
"Every blow on our bodies this afternoon is like a nail driven into the coffin of British imperialism." These were the precise words of Sher-e-Punjab Lala Lajpat Rai when he got brutally " lathi-charged " by the law enforcers of Colonial India while he was protesting against the Simon Commission in October 1928.  Punjab Kesari Lajpat Rai eventually succumbed to his injuries, and his death gave off the spark for vengeance in the heart of numerous Indian revolutionaries. In December 1928, Shahid-e-Azam Bhagat Singh and his compatriot Shivam Rajguru assassinated the Lahore Assistant Superintendent of Police (ASP) John Saunders to avenge the murder of their mentor. "Lathi-Charge" has remained one of the most brutal and sensitive issues for Indians since the bygone days of the Indian National Movement. Thus, even after 75 years of liberation, India and her children continue to writhe under pain brought on by police brutality and paranoia. Both the Indian Penal
Read more

Recruitment Scams and Paper Leaks in India: How the deserving youth of India is getting smothered under an obsolete system

-
Image
" India is an over populous country. " This statement is hardly news to anyone, but very few of us know that the average age of an Indian is just 29 years old. Hence, India is a fairly young country with a strong demographic dividend. However, the ambitions and dreams of millions of Indians lie stranded despite their ability and competence. Each new year brings fresh new hopes for millions of aspirants. These young people have expressed their strong will by deciding to dedicate the prime of their youth to preparing for numerous government examinations. In a country where social class divisions continue to be a notable phenomenon in determining one's future, Government jobs and recruitments offer the only genuine means for attaining an egalitarian society. Today, even this little scope for upliftment gets marred under the evils of Paper leaks and Recruitment scams. The problem of the youth, in essence, is the problem of the nation, and it is high time we illustrated the gr
Read more

Hilton Launches New Brand, Signia Hilton, Delivering Sophisticated Travel While Reimagining Meetings and Events

-
Image
Signature dining, design-forward guest rooms and premium wellness amenities elevate business and leisure travel at Hilton’s premier meetings and events brand Hilton  (NYSE: HLT) today announced the launch of Signia Hilton, its dynamic, new meetings-and-events-focused brand. The portfolio of hotels is setting out to transform the industry for meeting professionals and sophisticated business travellers by infusing state-of-the-art technology and design into every aspect of the guest experience. The brand further reinforces Hilton’s commitment to innovation that meets the evolving needs of today’s travelers and will bring premium experiences to top urban and resort destinations around the world. “In our 100th year of hospitality, we are more focused than ever on providing exceptional experiences to all of our guests – and that includes evolving those experiences to meet their changing needs,” said Christopher J. Nassetta, president and CEO, Hilton. “We are proud to launch Signia
Read more