Bajaj Finance, the NBFC arm of Bajaj Finserv, has announced its Q2 financial result for FY2024. The company has reported a tremendous growth as its net profit rose 27.8 percent to ₹3,550.8 crore for the quarter ending September 2023, compared to ₹2,781 crore a year ago.
The net interest income (NII) of the company increased 26.3 YoY percent to ₹8845 crore. The gross non-performing assets (NPA) and net NPA decreased to 0.91 percent and 0.31 percent respectively on a yearly basis.
The company further reported that the number of loans booked in the quarter ending September jumped 26 percent to 85.3 lakh, up from 67.6 lakh in Q2 of the previous year. Bajaj Finance’s deposits also rose by 39 percent to ₹54,800 crore while the assets under management registered a growth of 33 percent to ₹2.9 lakh crore from ₹2.1 lakh crore YoY.
Meanwhile in another major development, Bajaj Finance has acquired a 26% stake in Pennant Technologies, a fintech firm, for Rs. 267.50 crore. The aim behind the acquisition is to strengthen the company’s technology infrastructure.
As per the information, Bajaj Finance will acquire 5,71,268 Compulsorily Convertible Preference Shares (CCPS) at a face value of ₹100 each and another 4,22,738 equity shares from promoters and existing shareholders of Pennant.