Mumbai: The Bajaj Finance stock saw a rise of over 3 percent on January 4, a day after the company disclosed its business update for the December quarter, revealing a 35 percent year-on-year growth in its assets under management (AUM) to Rs 3.11 lakh crore.

This robust performance, indicating a strong festive period, marks the first time the company’s AUM has exceeded the Rs 3-lakh-crore milestone. Additionally, Bajaj Finance’s deposit book witnessed a 35 percent increase, reaching Rs 58,000 crore, and the quarter saw the booking of 98.6 lakh new loans, reflecting a year-on-year growth of 26 percent. As of 9:17 am, Bajaj Finance shares were trading 3 percent higher at Rs 7,613.00 on the National Stock Exchange (NSE).

Bajaj Finance reported a total franchise of 8.4 crore, marking a 22 percent year-on-year increase. The NBFC’s new customer acquisition remained robust, securing 38 lakh new customers compared to 31 lakh in the same period the previous year.

Analysts at Motilal Oswal noted that Bajaj Finance’s customer addition trend aligned with previous festive quarters, indicating that the RBI ban on two of its products did not have a disproportionate impact. In November, the Reserve Bank of India directed Bajaj Finance to cease issuing new loans through its “eCOM” and “Insta EMI Card” due to non-compliance with digital lending guidelines.

The company effectively utilized traditional channels, excluding digital/e-commerce, for acquiring new customers, as stated. The brokerage maintains a buy rating on the stock.

In its regulatory filing, Bajaj Finance confirmed a robust liquidity position at Rs 11,600 crore. In November, the company successfully raised Rs 8,800 crore through a Qualified Institutional Placement (QIP) issue. Following the QIP, Bajaj Finance completed its fundraising initiative of Rs 10,000 crore, previously approved by the board in October. Additionally, the company raised Rs 1,200 crore through a preferential issue of shares to its promoter, Bajaj Finserv.

On January 3, shares of Bajaj Finance concluded with a marginal decline of half a percent, settling at Rs 7,381.20 on the National Stock Exchange (NSE). Over the past year, the stock has exhibited a rise of approximately 12 percent. However, it is noted that this performance falls slightly short when compared to the benchmark Nifty, which recorded an 18 percent gain during the same period.