Pune-based non-banking finance company Bajaj Finance ,
has reported a jump of 52% year-on-year in its fourth quarter (Jan-March) net
profit at Rs 108 crore, driven by higher interest income. Net
interest income or the difference between interest earned and paid
out, climbed 39% to Rs 389 crore.
The company recorded highest ever net profit of Rs 406
crore, a spurt of 64% y-o-y for the year ended March 31, 2012.
"The robust growth in interest interest income was
the primary reason for posting higher net profit," Rajeev Jain, CEO,
Bajaj Finance told Moneycontrol.com.
"Our commercial segement, which includes
construction equipment, infrastructure financce and vendor financing recorded
the highest loan growth with a lower base. We contiously did not grow
commercial loans aggressively due to the prevailing stress in the sector. In
FY13, we are aiming
25% credit growth with more focus on SME and consumer
lending," he said.
For the full year, loan disbursals surged 67% y-o-y to Rs
15,797 crore. Asset under management (AUM) shot up 73% to Rs 13,107 crore.
Commercial loans more than doubled to Rs 4,346 crore from Rs 2040 crore a
year back. Consumer credit, extended to buy white goods and two wheelers
expanded 50% y-o-y to Rs 7,040 crore while loans to small and medium
enterprises grew 62% to Rs 4,411 crore.
During the Jan-March period, loan losses and provisions
however, rose 5% to Rs 40 crore. The company, according to Jain, further
tightened provisioning policy against two-wheeler loans. This has led to
an increase.
Net non-performing asset ratio improved to 0.12% as against
0.30% in Q3, FY12. The NBFC has introduced a new product on lifestyle finance,
which will facilitate purchases of home furnitures, luxury watches, fitness
equipments and others.
Bajaj Finance shares on Wednesday were down more than
3% to close the day at Rs 850 on the broader market crash. It has proposed to
pay a dividend of Rs 12 per share.
Source: www.moneycontrol.com
Thanks,
Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd
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