Bajaj Finance posts higher profit on loan growth, lower provisions
- The non-banking financial company’s consolidated net profit rose to 54.65 billion Indian rupees
BENGALURU: India’s Bajaj Finance posted a 22% rise in fourth-quarter profit on Wednesday, helped by lower bad loan provisions and steady loan growth.
The non-banking financial company’s consolidated net profit rose to 54.65 billion rupees for the quarter ended March 31, largely in line with analysts’ estimate of 54.9 billion rupees, per data compiled by LSEG.
The company, India’s largest non-bank lender by market value, has been grappling with elevated bad loans, particularly in its micro, small and medium enterprises (MSME) segment, saw its provisions drop as it adopted a more cautious lending approach to riskier segments.
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Bajaj Finance’s loan losses and provisions fell to 20.08 billion rupees compared to 21.67 billion rupees a year earlier.
It reported a 22% year-on-year rise in asset under management for the fourth quarter, with new loan bookings up 20.5%, the company said earlier this month.
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