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 September 2019. The consolidated results of BFL include the results of its wholly owned subsidiaries viz. Bajaj Housing Finance Limited (BHFL} and Bajaj Financial Securities Limited (BFinsec).
CONSOLIDATED PERFORMANCE HIGHLIGHTS
- Consolidated assets under management - Rs. 135,533 crore v/s Rs. 98,013 crore, Up 38%
- Consolidated profit after tax - Rs. 1,506 crore v/s Rs. 923 crore, UP 63%
- New loans booked during Q2 FY20 increased by 23% to 6.47 million from 5.26 million in Q2 FY19.
- Customer franchise as of 30 September 2019 increased by 29% to 38.70 million from 30.05 million as of 30 September 2018.
- Assets under management (AUM) as of 30 September 2019 grew by 38% to Rs. 135,533 crore from Rs. 98,013 crore as of 30 September 2018.
- Net Interest Income for Q2 FY20 was up by 48% to Rs. 3,999 crore from Rs. 2,708 crore in Q2 FY19.
- Total operating expenses to net interest income for Q2 FY20 was 34.6% against 35.4% in Q2 FY19.
- Loan losses and provisions (expected credit loss) for Q2 FY20 was Rs. 594 crore as against Rs. 315 crore in Q2 FY19.
- Profit after tax for Q2 FY20 grew by 63% to Rs. 1,506 crore from Rs. 923 crore in Q2 FY19.
Pursuant to The Taxation Laws (Amendment) Ordinance 2019, promulgated on 20 September 2019, the Company and one of its subsidiary viz. BHFL intends to exercise the option permitted u/s 115BAA of the Income Tax Act, 1961 to compute income tax at the revised rate (i.e. 25.17%) from the current financial year. Accordingly, a net benefit of Rs. 1 crore is recognised in the consolidated profit after tax for the quarter ended 30 September 2019. This was a result of the gain arising due to the reduction in income tax rate amounting to Rs. 183 crore for the quarter ended 30 June 2019 offset by a charge on account of re-measurement of deferred tax assets amounting to Rs. 182 crore.
- Gross NPA and Net NPA, recognized as per extant RBI prudential norms and provisioned as per expected credit loss (ECL) method prescribed in Ind AS, as of 30 September 2019 stood at 1.61% and 0.65% respectively. The provisioning coverage ratio as of 30 September 2019 was 60%. Standard assets provisioning (ECL stage 1 and 2) was 91 bps under Ind AS versus about 40 bps as per RBI and NHB prudential norms
- Capital adequacy ratio (including Tier-II capital) as of 30 September 2019 stood at 19.68%. The Tier-I capital stood at 15.86%.
Shares of Bajaj Finance Limited was last trading in BSE at Rs.4138.05 as compared to the previous close of Rs. 4105.2. The total number of shares traded during the day was 125182 in over 6606 trades.
The stock hit an intraday high of Rs. 4200 and intraday low of 4082.8. The net turnover during the day was Rs. 519272767.