 "Bajaj Finance")
Bajaj Finance posted 35 per cent year-on-year (YoY) growth in Assets Under Management (AUM) at Rs 3.11 trillion as of December 31, 2023, in comparison to Rs 2.31 trillion in the year-ago period.
In Q3FY24, the company's AUM improved by nearly Rs 20,700 crore.
The deposit book of the company rose 35 per cent to Rs 58,000 crore from Rs 42,984 crore as of December 31, 2022.
New loans booked during Q3FY24 improved 26 per cent to 9.86 million as compared to 7.84 million in the corresponding quarter of FY23.
The consolidated net liquidity surplus of the firm was nearly Rs 11,600 crore during the period under consideration.
Further, the customer franchise of the company rose to 80.41 million from 66.05 million as of December 31, 2022. The customer franchise increased by 3.85 million in Q3FY24.
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In November 2023, Bajaj Finance announced a temporary suspension of disbursements of new loans under two products – Insta EMI and eCOM, in response to a ban imposed by the Reserve Bank of India (RBI) citing violations of some provisions of digital lending guidelines.
According to the RBI, the NBFC did not adhere to certain norms, particularly the non-issuance of key fact statements (KFS) to borrowers for these two lending products and deficiencies in KFS issued for other digital loans sanctioned by the company.
At 9:30AM on Thursday, Bajaj Finance was trading 3.98 per cent up at Rs 7,648.4 on the National Stock Exchange.
