Bajaj Finance reported a mixed set of numbers for the third quarter, with healthy growth in its core lending book and customer additions, but profitability coming in lower on a year-on-year basis due to a one-time exceptional charge and higher provisions.
Net profit for the quarter ended December fell 6.3% year-on-year to Rs 3,978 crore, compared with Rs 4,247 crore in the same quarter last year. The decline was largely driven by an exceptional charge of Rs 265 crore that the company booked towards an increase in gratuity liabilities. This charge arose from past service costs linked to the New Labour Codes that were released on Nov. 21, 2025.
On the operating front, performance remained strong. Calculated net interest income (NII) grew 21% year-on-year to Rs 11,318 crore, reflecting robust expansion in the loan book and sustained demand across key lending segments. Assets under management (AUM) rose 22% in the third quarter, underlining Bajaj Finance's continued momentum in scale and market penetration.
Loan growth was supported by steady customer acquisition and higher disbursements. New loan bookings increased 15% year-on-year, with the company booking 13.90 million new loans during the quarter. Bajaj Finance also added 4.76 million new customers, reinforcing its leadership in retail-focused lending and digital distribution.
Gross non-performing assets (GNPA) stood at 1.21% as of December 31, while net NPAs were at 0.47%. However, provisioning remained elevated. Loan losses and provisions for the quarter came in at Rs 3,625 crore, reflecting a cautious stance amid evolving borrower risk and portfolio seasoning.
From a balance sheet perspective, Bajaj Finance continued to maintain strong liquidity and funding diversification. The liquidity buffer stood at Rs 15,081 crore as of Dec. 31, 2025, providing adequate comfort against market volatility. The deposit book increased to Rs 71,037 crore, with deposits accounting for 17% of consolidated borrowings, supporting a more stable and cost-effective funding mix.
Operationally, the company continued to invest in its workforce to support growth. The full-time employee count stood at 69,824 across Bajaj Finance, Bajaj Housing Finance and Bajaj Financial Services as of December-end. During the third quarter, the company added 2,363 employees. Annualised employee attrition was reported at 18.2%, broadly in line with trends seen across the financial services sector.
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