Bajaj Finance Q2 net up 42% to Rs 279 crore from Rs 197 crore

MUMBAI: Bajaj Finance reported 42% jump in net profit during the second quarter of the financial year.

During the quarter profit after tax for the quarter grew 42% to Rs 279 crore from Rs 197 crore in the same period last year.

Loan losses and provisions for the second quarter rose 71% to Rs 137 crore as against Rs 80 crore. The company took an accelerated provision of 31 crore in the second quarter of the financial year.

Gross NPA stood at 1.67% and Net NPA dropped to 0.46% as on 30, September 2015.

The company will get into housing finance business. Bajaj Housing Finance Limited, the wholly owned subsidiary, has received certificate of registration on 24 September 2015 from National Housing Bank to commence housing finance business.

Bajaj Finance launched India's first mobile app to provide EMI finance to customers. Around 12,000 people have downloaded the app and around 9,000 have availed loan through this service. The app requires only 4 fields for an approval. It is an easy and instant approval experience for customers.