Consumer financier Bajaj Finance’s consolidated net profit jumped 159 per cent year-on-year (YoY) to Rs 2,596 crore in the April–June quarter (first quarter, or Q1) of 2022-23 (FY23), beating Street estimates. It was aided by strong net interest income (NII) growth and lower loan losses and provisions. This is the highest-ever quarterly profit for the lenders.
In the corresponding quarter a year ago, it had earned net profit to the tune of Rs 1,002 crore. On a standalone level, the lender’s net profit grew 179 per cent YoY to Rs 2,356 crore, compared with Rs 843 crore in the year-ago period.
Shares of the company closed at Rs 6,393.75 — up 2.14 per cent from the previous days’ close.
NII of the lender was 48 per cent at Rs 6,638 crore in Q1FY23, compared with Rs 4,489 crore in the year-ago period, as loans booked in the quarter