Here Is Why Bajaj Finance Shares Hit Record High On Wednesday

Shares of the country's leading non-banking finance company, Bajaj Finance, rose as much as 3.81 per cent to hit record high of Rs 8,043.50 on the BSE a day after it reported December quarter earnings. Bajaj Finance's standalone net profit in December quarter jumped 84 per cent to Rs 1,934 crore from Rs 1,049 crore during the same quarter last year.  Its net interest income (NII) for the third quarter of current financial year advanced 40 per cent to Rs 6,000 crore as against Rs 4,296 crore in the third quarter of last financial year.

On consolidated basis, Bajaj Finance reported highest ever profit after tax off Rs 2,125 crore and it also achieved highest ever quarterly core assets under management (AUM) growth of Rs 14,700 crore in December quarter, the Pune-based company said in a stock exchange filing.

Gross NPA and Net NPA as of 31 December 2021 stood at 1.73 per cent and 0.78 per cent respectively, as against 2.45 per cent and 1.10 per cent as of 31 September 2021. The Company has provisioning coverage ratio of 56 per cent on stage 3 assets and 156 bps on stage 1 and 2 assets as of 31 December 2021. 

The Board of Directors has approved infusion of up to ' 400 crore of equity share capital in BFinsec to support its growth plans for next 24 months.

As of 11:08 am, Bajaj Finance shares paired intraday gains to trade 0.62 per cent lower at Rs 7,699, in-line with the Sensex which was down 0.7 per cent.