Bajaj Housing Finance posts higher profit on loan growth
- Bajaj Housing also expands its reach into near-prime and affordable home loan segments to diversify its loan portfolio
India’s Bajaj Housing Finance on Wednesday reported a 23% rise in its first-quarter profit, helped by higher loan growth.
Bajaj Housing, the largest housing finance firm by market capitalisation in the country, reported a net profit of 7.15 billion rupees ($74.75 million) for the quarter ended June 30, up from 5.83 billion rupees a year earlier.
The company, which posted an assets under management growth of 24% year-on-year and a rise in disbursements of 33%, benefitted from the strong credit demand in the country.
Bajaj Housing has also been expanding its reach into near-prime and affordable home loan segments to diversify its loan portfolio and increase penetration nationwide, aiding its growth.
Net interest income — the difference between interest earned on credit and paid on borrowing — rose 9% year-on-year to 9.68 billion rupees.
Shares of the company ended 2.3% higher ahead of the results.