Company Update : Bajaj Finance Ltd By Motilal Oswal Financial Services Ltd
AUM growth at ~26% YoY marginally below estimates
Normalized new loan run rate was in line with recent trends
* Total customer franchise stood at ~101.8m, up ~22% YoY/5% QoQ.
* New customer acquisition was healthy at ~4.7m (vs. 3.23m YoY).
* New loans booked rose ~36% YoY to 10.7m (vs. 7.9m in 4QFY24). Normalized for the RBI ban on two BAF products in the base quarter, the new loans booked grew 23% YoY.
* AUM growth was marginally below estimates, with reported AUM at INR4.17t, up ~26% YoY/~5% QoQ. This was the slowest sequential AUM growth for BAF in the last 10 quarters.
* Deposit book stood at INR714b and grew 19% YoY/4% QoQ.
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