Bajaj Housing Finance Q1 Results: Core income up over 33%; Asset quality stable

Bajaj Housing Finance Ltd., the subsidiary of India's largest non-bank lender, Bajaj Finance Ltd. reported its June quarter results on Wednesday, July 23 after market closing hours, that were higher on a year-on-year basis across parameters.

Net Interest Income (NII) or core income earned by the non-bank lender, increased by 33.4% from last year to ₹887 crore.

Net profit for the period also increased by 21% from last year to ₹583 crore.

Asset quality for the NBFC remained stable. Gross NPA for the quarter stood at 0.3% from 0.28% in March, while Net NPA stood at 0.13% from 0.11% in March. Provision Coverage Ratio for Stage 3 assets stood at 56%.

The company had already shared its business update for the quarter gone by earlier this month.

Based on its quarterly update, Bajaj Housing Finance's Assets Under Management (AUM) had grown by 24% from last year to ₹1.2 lakh crore. On a sequential basis, the AUM growth stood at 5%.

Loan assets for the quarter had also grown by 24.2% on a year-on-year basis to ₹1.05 lakh crore, while on a sequential basis, they had grown by 6.5%.

At the end of the June quarter, Bajaj Housing Finance's Disbursements stood at ₹14,640 crore, which was a growth of 22% from the year-ago period and 2.7% from the March quarter.

Some of the key trends to watch during the quarter could be the margin performance amidst the RBI rate cut cycle, asset quality trends and any potential commentary on growth trends going forward.

Shares of Bajaj Housing Finance ended little changed on Tuesday at ₹121.35. The stock has gained only 2% in the last one month. The stock is down 35% from its post-listing high of ₹188.5.