Bajaj Finance Q3 net up 58% at Rs 408 crore

Bajaj Finance Q3 net up 58% at Rs 408 crore
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Story Dated : February 3, 2016

New Delhi: Bajaj Finance on Wednesday reported 58 per cent jump in net profit at Rs 408 crore for the quarter ended December on higher operating income.

The company’s net profit stood at Rs 258 crore during the corresponding quarter of the previous fiscal.

“Total income for the third quarter of 2015-16 is up by 39 per cent to Rs 2,069 crore from Rs 1,485 crore in the third quarter of 2014-15,” the company said in a regulatory filing.

Its income from operations rose to Rs 1,971.71 crore during the quarter under review as against Rs 1,416.43 crore in the same quarter last fiscal.

As of December 31, 2015, the company’s assets under management (AUM) were up 41 per cent to Rs 43,452 crore from Rs 30,822 crore a year ago, it said. During the quarter under review, Bajaj Finance raised its loan losses and provisions by 35 per cent to Rs 146 crore from a year ago.

“Gross Non-Performing Assets (NPAs) and net NPAs as of December 31, 2015, stood at 1.29 per cent and 0.26 per cent, respectively.

“The company continues to provide for loan losses in excess of RBI requirements. During the quarter, the company sold NPA receivables of Rs 82 crore in mortgage business on cash basis. This helped improve gross NPA and net NPA performance,” it said.

In a separate filing, Bajaj Finance announced the appointment of Sandeep Jain as the Chief Financial Officer (CFO) of the company with effect from February 4, 2016.

Jain is presently Head, Business Re-Engineering and Investor Relations, and has been with the company since August 2008 and with the Bajaj Group since March 2006.

He replaces Rajesh Viswanathan, who resigned with effect from February 3, 2016, it said.