BENGALURU, Jan 27 (Reuters) – Indian shadow lender Bajaj Finance (BJFN.NS) posted a bigger-than-expected rise in third-quarter revenue on Friday, helped by a drop in provisions for unhealthy loans and a rise in curiosity revenue.

The firm’s consolidated internet revenue rose 39.9% to 29.73 billion rupees ($364.8 million) within the quarter ended Dec. 31. Analysts on common have been anticipating a revenue of 29.24 billion rupees, in accordance with Refinitiv IBES.

Credit off-take has risen in India in current months, at the same time as lending prices elevated with the choose up in financial exercise from pandemic lows, which has pushed strong earnings for lenders.

Bajaj Finance stated its mortgage losses and provision fell to eight.41 billion rupees within the newest quarter from 10.51 billion rupees a 12 months earlier.

The non-bank lender’s asset high quality improved barely, with gross non-performing property as a share of complete loans slipping to 1.14% as on end-December from 1.17% at end-September.

Net curiosity revenue, the distinction between curiosity earned and paid, rose 24% to 74.35 billion rupees.

Earlier this month, the corporate said it added 3.1 million clients within the quarter, whereas its new loans booked rose 5% year-on-year.

The firm’s property underneath administration as of end-December was 33% larger than a 12 months in the past.
($1 = 81.5000 Indian rupees)

Reporting by Nishit Navin and Yagnoseni Das in Bengaluru; Editing by Savio D’Souza

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