Company Update : Bajaj Finance by Motilal Oswal Financial Services Ltd
AUM growth at ~24% YoY; new customer additions weak
New loans booked rise ~26% YoY
* Total customer franchise stood at ~110.6m, up ~20% YoY/4% QoQ.
* New customer acquisition was slightly weak, with BAF acquiring ~4.13m new customers (vs. 3.98m in 2QFY25). New customer acquisitions rose 4% YoY.
* New loans booked rose ~26% YoY at 12.2m (v/s 9.7m in 2QFY25). Within this, the contribution from new customers was ~34% (PQ: 35% and PY: 41%).
* AUM growth was slightly higher than our estimates, with the reported AUM at INR4.62t, up ~24% YoY/~5% QoQ.
* Deposit growth was weak and grew 5% YoY and declined ~3% QoQ to INR697b. This is potentially because the company deprioritized deposit growth, preferring instead to borrow from banks, which give floating loans.
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