Non-banking finance company Bajaj Finance today reported a 30 per cent increase in net profit at Rs 167 crore in the second quarter ended September 30 on higher growth in retail and SME lending.
Non-banking finance company Bajaj Finance today reported a 30 per cent increase in net profit at Rs 167 crore in the second quarter ended September 30 on higher growth in retail and SME lending.
The Pune-headquartered NBFC had posted a net profit of Rs 129 crore in the same quarter last year.
"We witnessed a strong growth of 30 per cent in our net profit in the second quarter," Rajeev Jain, Bajaj Finance CEO said, adding that he expects the momentum in retail and SME lending to continue because of the festive season.
The company's net interest income rose 32 per cent to Rs 582 crore in the July-September period as against Rs 442 crore in the year-ago quarter. Total income for the second quarter rose 31 per cent to Rs 964 crore from Rs 737 crore in the corresponding period previous year, Bajaj Finance said in a release.
Consumer lending segment grew 26 per cent to Rs 2,652 crore from Rs 2,112 crore in the year ago quarter. In the SME finance segment, the NBFC notched a 36 per cent increase in lending to Rs 1,922 crore as compared to Rs 1,411 crore in the same period last year.
In line with the gloom on the macroeconomic front, the company's commercial finance business registered a negative growth of 23 per cent at Rs 625 crore in Q2 as against Rs 811 crore in the same period last year. Jain attributed this to a weak growth in construction equipment finance.
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