Bajaj Finance Limited profit growth up 54% in Q1
Continuing its tradition of unprecedented growth, Bajaj Finance Limited has seen a significant rise in profits in the first quarter of FY 2017. Before taxes, the profit earned stands at 55% more than Q1 of 2016, taking their earnings to Rs.652 crore. The profit after tax deduction is Rs.424 crore, which is 54% more than last year’s profit after tax.
The company has acquired a substantial number of new clients this quarter, taking the numbers from last year’s 17,19,125 to 25,40,540.
The assets under management (AUM), receivables under finances, and interest and fee income, have all experienced an increase of 39% – 41% from last year’s quarter. All these positive changes have significantly improved BFL’s market value.
The gross and net NPA (non-performing assets), as of 30th June 2016, stood at 1.47% and 0.41% respectively. Also, as of the last quarter, the company continues to disburse loan losses in excess of RBI requirements.
Bajaj Finance Limited, at the end of the financial year, portrayed a capital adequacy ratio of 17.82%.
The company expanded its EMI financing options by foraying into segments like retail fashion, travel, and small appliances. BFL also entered into a strategic partnership with the Future Group in an attempt to further expand their EMI financing portfolio. The Company now offers EMI financing options across various formats of Future group including Big Bazaar, Food Bazaar, Central, Brand Factory, easyday, Foodhall, fabfurnish.com etc.
Bajaj Finance Limited has been ranked 12th ‘Best Company to Work For in India’ by the Great Places to Work Institute. It was also recognized as 2nd ‘Best Company to Work For in India’ under financial services sector, for the second year in a row by the Great Places to Work Institute.