Bajaj Finance AUM rises 31% YoY, new loans jump 10%

On July 3, 2024, Bajaj Finance reported a significant increase in new loans, customer base, and assets under management (AUM) in its first quarter (April-June) business update.

In the first quarter, Bajaj Finance reported 109.7 lakh new loans, up from 99.4 lakh in the same period last year, showing a 10.4% year-on-year increase. This growth highlights the company’s expanding customer base, which reached 8.8 crore, a 20.7% increase from 7.3 crore last year.

Bajaj Finance’s assets under management (AUM) saw significant growth, reaching ₹3,54,100 crore, a 31.1% increase from ₹2,70,097 crore in Q1 FY24. Deposits grew by 25.6% year-on-year to ₹62,750 crore. Regarding liquidity, Bajaj Finance reported ₹16,200 crore, a 27.6% increase from last year.

The company started approving and giving out loans under ‘eCOM’ and ‘Insta EMI Card’ and began issuing EMI cards again after the RBI lifted restrictions on these services on May 2, 2024.

Financial Highlights

In the quarter ended March 31, 2024, Bajaj Finance recorded a consolidated net profit of ₹3,824.53 crore, marking a 21% year-on-year increase from ₹3,157.79 crore in the same period last year.

Total revenue from operations for the quarter was ₹14,926.21 crore, up by 31.34% year-on-year from ₹11,364.01 crore reported in the corresponding period of the previous financial year.

For the full financial year, profit after tax (PAT) was reported at ₹14,451.17 crore compared to ₹11,507.69 crore in FY23, while total revenue stood at ₹54,969.49 crore versus ₹41,410.16 crore as of March 31, 2023.

About Bajaj Finance

Bajaj Finance primarily focuses on lending and has a diverse portfolio serving retail, SME, and commercial customers across urban and rural India. The company also accepts deposits from the public and corporates, offering a wide range of financial products and services. Established in 1987 as a vehicle financing firm, Bajaj Finance has grown to become one of India’s largest and most varied non-banking financial companies (NBFCs).

On July 04, 2024, the share price of Bajaj Finance Ltd opened at ₹7,301.05, touching the day’s highest price of ₹7,325.00 as of 10:12 AM on the NSE.

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