The NBFC’s net interest income (NII) rose 22 per cent to ₹10,785 crore, while commission income rose 25 per cent YoY to ₹1,780 crore. New loans booked in the second quarter of 2026 amounted to 12.17 million, compared to 9.69 million in the second quarter of 2025.
Business growth
Bajaj Finance’s assets under management (AUM) rose 24 per cent year-on-year to ₹4.62 lakh crore. In the second quarter, the NBFC added 4.13 million customers to its franchise and expects to add 16-17 million new customers to its franchise in FY26.
The liquidity cushion stood at ₹16,058 crore at the end of September. In the second quarter, the NBFC’s financing cost stood at 7.52 percent, an improvement of 27 basis points (bps) over the last quarter. Financing costs for FY26 are expected to be between 7.55 and 7.60 percent.
The deposit book grew 5 percent year-on-year to ₹69,766 crore as on September 30. Deposits contributed to 18 percent of consolidated loans as of September end and to optimize cost of funds, the NBFC has reduced dependence on deposits in FY26.
Importantly, the Bajaj Finance board today approved the appointment of Manish Jain as Deputy CEO of the NBFC. In addition to his current role as Managing Director of Bajaj Finserv, Jain will also be responsible for Bajaj Finance’s securities lending, commercial lending and deposit businesses. The appointment comes after former MD Anup Saha resigned earlier this year citing personal reasons.
Asset quality
Bajaj Finance’s loan losses and provisions rose 19 per cent year-on-year to ₹2,269 crore. “Consumer leverage remains a concern. The company continues to take continuous action to reduce the contribution of customers with multiple loans. Vintage credit performance is consequently significantly better, except for MSMEs,” the NBFC said in its investor presentation.
Credit costs remained high in the two- and three-wheeler and MSME businesses. The NBFC has cut 25 percent of its unsecured MSME volumes and thus, AUM growth for MSME loans will be 10-12 percent in the current fiscal.
The NBFC’s gross and net non-performing asset ratio stood at 1.24 percent and 0.60 percent in September 2025, compared to 1.06 percent and 0.46 percent respectively in September 2024.
Published on November 10, 2025
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