Bajaj Finance posted a 48% year-on-year growth in net profit at Rs 129 crore for the second quarter (July-September) of the current fiscal. The total income of the company grew by 49% to Rs 737 crore during the same period.
The company recorded a 22% growth in customer acquisitions at 6,00,792 during the quarter. Deployments during the quarter rose by 29% at Rs 4,334 crore. The assets under management by the company grew by 53% to Rs 15,370 crore.
The net non-performing assets for the second quarter fell marginally to 0.2% compared with 0.3% a year ago. Loan losses and provisions rose by 20% to Rs 53 crore compared with the same period the previous fiscal.
The provisioning coverage ratio stood at 80% as on September 30, unchanged from September 30, 2011. During the quarter the company took an accelerated provision of Rs 14 crore as against Rs 5 crore in the corresponding quarter of the previous year. Excluding the accelerate provision, the loan loss provision was flat at Rs 39 crore.
