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Bajaj Finance Reports Strong Growth in FY24, Focuses on digital Lending

India’s largest Non-Banking Financial Company (NBFC), Bajaj Finance, announced a robust 15% year-on-year growth in its assets under management (AUM) for the fiscal year 2024. This growth is underpinned by a strategic shift towards digital lending and a diversified product portfolio. The company is demonstrating resilience in a dynamic economic environment and solidifying its position as a key player in the Indian financial landscape.

FY24 Performance Highlights

Bajaj Finance reported a consolidated AUM of ₹86,748 crore as of March 31, 2024, a 15% increase compared to ₹75,297 crore in the previous fiscal year Bajaj Finserv Press Release. Key highlights from the financial year include:

• Loan Growth: Total loan disbursements grew by 12% year-on-year.
• Customer Acquisition: The company added 7.3 million new customers during the year,reaching a total customer base of 76.4 million Bajaj Finserv Press Release.
• digital Lending Expansion: Digital lending channels accounted for over 60% of new loan originations, showcasing the success of the company’s digital conversion strategy.
• Net Interest Margin (NIM): Maintained a healthy Net Interest Margin of 3.4% Bajaj Finserv Press Release.
• Asset Quality: Gross Non-Performing Assets (GNPA) stood at 1.88% and Net Non-Performing Assets (NNPA) at 0.79%, indicating strong asset quality Bajaj Finserv Press Release.

Strategic Focus on Digital Transformation

Bajaj Finance has been aggressively investing in its digital capabilities to enhance customer experience and improve operational efficiency. This includes leveraging technologies like Artificial Intelligence (AI) and Machine Learning (ML) to streamline loan origination, credit assessment, and customer service. The company’s digital platform, Bajaj Finserv app, offers a wide range of financial products and services, including loans, credit cards, and investment options.

The emphasis on digital lending allows Bajaj Finance to reach a wider customer base, reduce costs, and offer faster loan approvals.This strategy is particularly meaningful in a competitive market where customers increasingly prefer convenient and seamless digital experiences.

Key Digital Initiatives

• Instant Loan Approvals: Utilizing AI-powered algorithms for real-time credit assessment and instant loan approvals.
• Personalized Offers: Leveraging data analytics to provide customers with personalized financial product recommendations.
• Digital KYC: Implementing digital Know Your Customer (KYC) processes for faster and more secure customer onboarding.
• Contactless Payments: Integrating contactless payment options for convenient loan repayments.

Diversified Product Portfolio

Bajaj Finance’s diversified product portfolio is another key driver of its growth. The company offers a wide range of financial products,including:

• Consumer Loans: Personal loans,two-wheeler loans,and consumer durable loans.
• Home Loans: Offering competitive home loan rates and flexible repayment options.
• SME Loans: Providing financing solutions for small and medium-sized enterprises.
• Credit Cards: Bajaj Finserv RBL Bank credit cards with various benefits and rewards.
• Investment Products: Offering fixed deposits, mutual funds, and other investment options.

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