Non-banking Financial company Bajaj Finance announced Q2FY24 results: Consolidated Q2FY24: The number of new loans booked during Q2FY24 grew by 26% to 8.53 million as against 6.76 million in Q2FY23. Customer franchise stood at 76.56 million as of September 30, 2023, as compared to 62.91 million as of September 30, 2022, a growth of 22%. The Company's customer franchise grew by 3.58 million in Q2FY24. Assets under management (AUM) grew by 33% to Rs 2,90,264 crore as of September 30, 2023, from Rs 2,18,366 crore as of September 30, 2022. AUM in Q2FY24 grew by Rs 20,167 crore. ~ Net interest income for Q2FY24 increased by 26% to Rs 8,845 crore from Rs 7,002 crore in Q2FY23. Operating expenses to net interest income for Q2FY24 was 34.0% as against 35.9% in Q2FY23. Loan losses and provisions for Q2FY24 were Rs 1,077 crore as against Rs 734 crore in Q2FY23. The Company holds a management and macro-economic overlay of Rs 740 crore as of September 30, 2023. Profit before tax for Q2FY24 increased by 27% to Rs 4,758 crore from Rs 3,752 crore in Q2FY23. Profit after tax for Q2FY24 increased by 28% to Rs 3,551 crore from Rs 2,781 crore in Q2FY23. Gross NPA and Net NPA as of September 30, 2023, stood at 0.91% and 0.31% respectively, as against 1.17% and 0.44% as of September 30, 2022. The Company has a provisioning coverage ratio of 66% on stage 3 assets as of September 30, 2023. Capital adequacy ratio (including Tier-II capital) as of September 30, 2023 was 23.19%. The Tier-I capital was 21.88%. The Company enjoys the highest credit rating of AAA/Stable for its long-term debt program from CRISIL, ICRA, CARE, and India Ratings, A1+ for short-term debt program from CRISIL, ICRA, and India Ratings, and AAA (Stable) for its fixed deposits program from CRISIL and ICRA. The Company has been assigned a long-term issuer rating of BBB-/Stable and a short-term issuer rating of A-3 by S&P; Global ratings. Standalone Q2FY24: Assets under management grew by 35% to Rs 2,14,891 crore as of September 30, 2023, from Rs 1,59,452 crore as of September 30, 2022. Net interest income for Q2FY24 increased by 26% to Rs 8,059 crore from Rs 6,397 crore in Q2FY23. Loan losses and provisions for Q2FY24 were Rs 1,059 crore as against Rs 705 crore in Q2FY23. The Company holds a management and macro-economic overlay of Rs 564 crore as of September 30, 2023. Profit after tax for Q2FY24 increased by 26% to Rs 3,106 crore from Rs 2,472 crore in Q2FY23. Result PDF