India's Bajaj Finance posts Q3 profit rise on strong loan growth

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India's Bajaj Finance posts Q3 profit rise on strong loan growth

//business-finance.news-articles.net/content/202 .. -posts-q3-profit-rise-on-strong-loan-growth.html

Published in Business and Finance on Wednesday, January 29th 2025 at 8:20 GMT by Reuters
^{🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source}

India's Bajaj Finance posted a rise in third-quarter profit on Wednesday, helped by strong loan growth during the holiday season.

2025-01-29 165 x 110 / 5903 Bytes

Bajaj Finance, one of India's leading non-banking financial companies, reported a significant rise in its third-quarter profit, driven by robust loan growth and an increase in customer acquisitions. The company's consolidated net profit for the quarter ending December 31, 2024, was 36.6 billion rupees ($440.7 million), marking a 22% increase from the 30.04 billion rupees reported in the same quarter of the previous year. This growth was supported by a 35% surge in its customer franchise to 83.6 million and a 34% increase in new loans booked, totaling 9.86 million. Additionally, Bajaj Finance's assets under management grew by 35% to 3.11 trillion rupees, reflecting strong demand for loans across various segments. The company also noted an improvement in asset quality, with gross non-performing assets (NPA) decreasing to 0.94% from 1.14% a year earlier.

Read the Full Reuters Article at:
[ https://www.reuters.com/business/finance/indias-bajaj-finance-posts-q3-profit-rise-strong-loan-growth-2025-01-29/ ]