Consumer loans specialist Bajaj Finance Ltd seems to have held on to its growth trajectory for the second straight quarter as assets under management grew 38% to a Rs72,139 crore, similar to the average of 35% over the last several quarters.
New loans booked rose 38%, a clear indication that the consumption engine on which the Indian economy is running has immensely benefited the non-banking financial company (NBFC). Net profit increased 37% for the three months ended September to Rs557 crore on the back of this growth.
Notwithstanding the strong growth, the consumer lender managed to keep its asset quality intact with gross and net bad loan ratios remaining at the same levels as the previous quarter. Part of this is due to the fact that the NBFC is not just pushing more loans to its existing customers but also increasing its customer base at a fast clip. This tends to keep the indebtedness of its borrowers in check, thus contributing to future asset quality strength.
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