Bajaj Finance gains post Q3 results

The stock moved higher by 6% to Rs 1,053 on the BSE

Bajaj Finance gained 6% to Rs 1,053 on the BSE after the company reported a healthy 36% year on year (YoY) jump in net profit at Rs 556 crore for the quarter ended December 2016 (Q3FY17), on back of healthy growth net interest income.

The company’s net interest income (interest earned minus interest expended) rose 33% to Rs 1,749 crore in Q3FY17 from Rs 1,320 crore in the corresponding quarter of previous fiscal.

Asset quality improved on sequential basis as gross non-performing assets (NPA) as a percentage of gross advances improved to 1.47% in Q3 from 1.58% in Q2 and net NPA as a percentage of net advances fell to 0.39% from 0.43% in September quarter.

Gross NPA and Net NPA as of Q3FY16 stood at 1.29% and 0.26% respectively.

At 01:16 pm; the stock was up 4.6% at Rs 1,040 on the BSE as compared to 0.03% decline in the S&P BSE Sensex. A combined 3.2 million shares changed hands on the counter on the NSE and BSE so far.