Bajaj Housing Finance Q1 profit rises 21% to Rs 583 crore, AUM up 24%
reported a 21% rise in net profit for the first quarter of the fiscal at Rs 583 crore as compared with Rs 483 crore in the year-ago period.
Pre-provisioning operating profit stood 25% higher at Rs 798 crore against Rs 640 crore. Net total income also grew 25% at Rs 1012 crore.
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Its net interest margin remained steady at 4% for the last three quarters. It is expecting a moderation in the ratio as its operating expenses are likely to rise on account of its investment in SBU and non-metro markets.
The non-deposit taking
mortgage lender
is targeting a 21-23% growth in
assets under management
amid a "heightened competitive pricing on acquisition of new loans, increased portfolio attrition coupled with moderation in real estate demand," it said.
The lender's AUM grew 24% year-on-year to Rs 1.20 lakh crore. Asset quality remained healthy with gross non-performing assets ratio being at 0.30%.
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