Bajaj Finance stated that the company saw 66% growth in its profit for the second quarter (ended this September) of FY20 taking the profits to Rs. 923.47 crores for the quarter. The share price of the company saw a growth of 2%, taking to the price of Rs. 4,219 once the announcement was made.
Below are the highlights of Q2 earnings enjoyed by Bajaj Finance
- Consolidated assets under management saw a rise of 38%, now the assets are worth Rs. 1,35,533 crores compared to Rs. 98,000 crores in Q2 of FY19.
- Number of new loans increased by 23% to 64.7 lakhs from 52.6 lakhs in 2nd quarter of FY19.
- Income from Interest rose by 48% to Rs. 3,999 crores from Rs. 2,708 crores in FY19’s Q2.
- There was a drop in operating expenses to net interest income of 0.9% from 35.4% in Q2 FY19 to 34.6% in Q2 FY20.
- Total revenue rose to Rs. 6,322.55 crores in Q2 FY20 (surge of 47.95%)
- However the company saw Rs. 594 crores in Loan Losses and Provisions for Q2 fo FY20 as compared to Rs. 315 crores in Q2 of FY19.