A meeting of the Board of Directors of Bajaj Finance Limited (BFL) was held today to consider and approve the unaudited standalone and consolidated results for the quarter ended 30 June 2018.
Bajaj Finance Limited now conducts its mortgage business through a 100% subsidiary called Bajaj Housing Finance Limited (BHFL) which is registered with National Housing Bank as a Housing Finance Company. BHFL has become fully operational effective February 2018 with all new mortgage business now being done through it. The consolidated results of the Company include the results of BHFL.
The Company has adopted Indian Accounting Standards (lnd AS) for FY19 with lnd AS compliant comparatives for FY18. Accordingly, figures for previous year / periods have been recast and reviewed by statutory auditors as per new accounting standards.
Consolidated Performance Highlights
- New loans booked during 01 FY19 increased by 49% to 5.63 million from 3.77 million in Q1 FY18.
- Customer franchise as of 30 June 2018 increased by 30% to 28.28 million from 21.69 million as of 30 June 2017.
- Assets under Management (AUM) as of 30 June 2018 grew by 35% to Rs. 93,314 crore from Rs. 68,945
crore as of 30 June 2017. Adjusted for short term IPO financing book of Rs. 2,021 crore in AUM of 30 June 2017, the overall AUM growth was 39%.
- Total income for 01 FY19 was up by 39% to Rs. 3,941 crore from Rs. 2,834 crore in Q1 FY18.
- Loan losses and provisions for Q1 FY19 were Rs. 327 crore as against Rs. 305 crore in Q1 FY18.
- Profit after tax for Q1 FY19 grew by 81% to Rs. 836 crore from Rs. 461 crore in Q1 FY18.
- Gross NPA and Net NPA, recognized as per extant RBI prudential norms and provisioned as per Expected Credit Loss (ECL) method prescribed in lnd AS, as of 30 June 2018 stood at 1.39% and 0.44% respectively. The provisioning coverage ratio stood at 69%. Standard assets provisioning has increased to 89 bps as a result of ECL provisioning under Ind AS versus 40 bps per RBI prudential norms.
Bajaj Finance Limited - Standalone Performance Highlights
- Assets under Management (AUM) as of 30 June 2018 grew by 25% to Rs. 86,042 crore from Rs. 68,945 crore as of 30 June 2017.
- Total income for Q1 FY19 was up by 34% to Rs. 3,796 crore from Rs. 2,827 crore in Q1 FY18.
- Loan losses and provisions for Q1 FY19 were Rs. 321 crore as against Rs. 305 crore in Q1 FY18.
- Profit after tax for Q1 FY19 grew by 83% to Rs. 834 crore from Rs. 456 crore in Q1 FY18.
- Capital adequacy ratio (including Tier-II capital) as of 30 June 2018 stood at 23.04%. The Tier-1 capital stood at 17.92%.
Bajaj Housing Finance Limited - Performance Highlights
- Assets under management (AUM) stood at Rs. 7,272 crore as on 30 June 2018. BHFL added Rs. 3,683 crore of AUM in the quarter ended 30 June 2018.
- Total revenue for Q1 FY19 was Rs. 145 crore.
- Profit after tax for 01 FY19 was Rs. 2 crore
- Capital adequacy ratio (including Tier-II capital) as of 30 June 2018 stood at 28.54%
Shares of Bajaj Finance Limited was last trading in BSE at Rs.2517.6 as compared to the previous close of Rs. 2488.05. The total number of shares traded during the day was 299386 in over 14579 trades.
The stock hit an intraday high of Rs. 2535.5 and intraday low of 2360. The net turnover during the day was Rs. 737677949.