Bajaj Finance Ltd. has announced their Q2 FY 19 results today.
· Highest ever quarterly consolidated profit of 923 crore ·a growth of 54% over Q2 FY18
· Assets Under Management crossed a milestone of 1,00,000 crore in Q2 FY19
· Deposits book crossed a milestone of 10,000 crore and stood at 10,651 crore
A meeting of the Board of Directors of Bajaj Finance Limited (BFL} was held today to consider and approve the unaudited standalone and consolidated results for the quarter ended 30 September 2018. Bajaj Finance Limited conducts its mortgage business through a 100% subsidiary called Bajaj Housing. Finance Limited (BHFL} which is registered with National Housing Bank as a Housing Finance Company.
On 10 August 2018, the Company has acquired 100% shares of Bajaj Financial Securities Limited (BFinsec} from its wholly owned subsidiary Bajaj Housing Finance Limited. The strategy is to offer a full product suite (demat & broking} to Loan Against Securities' (lAS} clients and grow the profit pool of lAS business.
The consolidated results of the Company include the results of its wholly owned subsidiaries viz. BHFL and the newly acquired wholly owned subsidiary BFinsec.
The Company has adopted Indian Accounting Standards (lnd AS} for FY19 with lnd AS compliant comparatives for FY18. Accordingly, figures for previous year I periods have been recast and reviewed by statutory auditors as per new accounting standards.
Highlights for Q2 FY19 versus Q2 FY18
Consolidated AUM - Rs 1,00,217 crore v/s Rs 72,669 crore ↑ 38%
Consolidated profit after tax Rs 923 crore v/s Rs 598 crore ↑ 1' 54%
Standalone AUM - Rs 89,876 crore v/s Rs. 72,199 crore ↑ 1' 24%
Standalone profit after tax - Rs 920 crore v/s Rs 594 crore ↑1' 55%