Bajaj Finance Records 53.5% Rise In Second Quarter Net Profit At Rs 1,481 Crore

Bajaj Finance has recorded a huge 53.5 per cent hike in its net profit for the second quarter of the current financial year, which stood at Rs 1,481 crore, compared to Rs 965 crore of the corresponding period of last year.

The lender's stand alone net interest income saw a growth of 26 per cent to reach Rs 4,920 crore over the previous year.

Similarly its consolidated net interest income went up by 28 per cent to Rs 5,335 crore.

If there is no third wave of Coronavirus, then Bajaj Finance estimates its overall credit cost for the current fiscal to be in the range of Rs 4,300 crore.

Its assets under management also moved up to Rs 1.23 lakh crore, a growth of 17 per cent from the year ago period. On a year-on-year basis, Bajaj Finance's assets under management went up by 22 per cent to Rs 1.67 lakh crore.

The company said that during the second quarter, growth and risk in the market had improved, thus giving it confidence for the remaining period of the year.