Bajaj Finance Net Profit Climbs Amidst Rising NPAs

Bajaj Finance Ltd reported a 13% increase in net profit for Q2 2024, rising to Rs 4,014 crore. The consolidated income saw a significant boost, but asset quality declined with rising non-performing assets. Its subsidiary, Bajaj Housing Finance, completed a successful IPO, affecting BFL's shareholding.

Bajaj Finance Ltd has announced a 13% rise in its consolidated net profit for the second quarter of 2024, reaching Rs 4,014 crore. This comes as a notable increase from the Rs 3,551 crore reported during the same period in the previous year.

The company's total income soared to Rs 17,095 crore, reflecting a year-on-year growth against the Rs 13,382 crore recorded last year. However, the financial giant faced challenges as its total expenditure rose sharply to Rs 11,697 crore compared to the previous year's Rs 8,624 crore.

Despite the profit surge, Bajaj Finance's asset quality experienced a setback, with gross non-performing assets climbing to 1.06% of gross loans, up from 0.91%. Net NPAs also saw an increase. Meanwhile, its subsidiary, Bajaj Housing Finance, successfully exited its IPO, leading to a reduced shareholding of BFL in the housing finance entity.

(With inputs from agencies.)