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Elevated home loan attrition
View Risks →Bajaj Housing Finance Limited — Q2 FY26
Bajaj Housing Finance reported a stable Q2 FY26 with AUM growth of 24% YoY to ₹1,26,749 crore and PAT growth of 18% YoY to ₹643 crore.
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Bajaj Housing Finance reported a stable Q2 FY26 with AUM growth of 24% YoY to ₹1,26,749 crore and PAT growth of 18% YoY to ₹643 crore. Disbursements grew 32% YoY to ₹15,914 crore, driven by strong performance in LRD (35% growth) and LAP (29% growth). Asset quality improved with GNPA at 0.26% and NNPA at 0.12%. Cost of funds declined 55 bps YoY to 7.4%, but portfolio yield compression of 60 bps YoY to 9.3% kept spreads flat at 1.9%. Management maintained NIM guidance of 15-20 bps compression for FY26, citing competitive intensity and expected rate cuts. The company is scaling its affordable housing business cautiously. Key risk: elevated home loan attrition (21-22% annualized) due to aggressive pricing by PSU banks could pressure AUM growth.
बजाज हाउसिंग फाइनेंस ने Q2 FY26 में अच्छा प्रदर्शन किया। कुल कर्ज (AUM) 24% बढ़कर ₹1,26,749 करोड़ हो गया। मुनाफा (PAT) 18% बढ़कर ₹643 करोड़ रहा। नए कर्ज (डिस्बर्समेंट) 32% बढ़े, खासकर लोन अगेंस्ट प्रॉपर्टी (LAP) और रेंटल डिपॉजिट (LRD) में अच्छी बढ़त रही। कर्ज की गुणवत्ता बेहतर हुई - बुरे कर्ज (GNPA) सिर्फ 0.26% और शुद्ध बुरे कर्ज (NNPA) 0.12% रहे। कंपनी को सस्ता कर्ज मिला (ब्याज दर 7.4%), लेकिन कर्ज पर मिलने वाला ब्याज (यील्ड) भी घटकर 9.3% रह गया। इससे फैलाव (स्प्रेड) 1.9% पर स्थिर रहा। प्रबंधन ने कहा कि ब्याज दरों में और कटौती से मुनाफा थोड़ा कम हो सकता है। सरकारी बैंकों की सस्ती दरों के कारण होम लोन छोड़ने वालों की संख्या 21-22% है, जो चिंता का विषय है।
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AUM
₹1,26,749 Cr
+24% YoY
Assets under management grew 24% year-on-year, driven by strong disbursement growth across segments.
Disbursements
₹15,914 Cr
+32% YoY
Quarterly disbursements grew 32% YoY, led by LRD (35%) and LAP (29%) growth.
GNPA
0.26%
-4 bps YoY
Gross non-performing assets improved by 4 bps year-on-year, reflecting healthy asset quality.
Home Loan Attrition
21-22%
+500-600 bps YoY
Annualized home loan attrition rose sharply from 15-16% last year due to competitive pricing from banks.
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Guidance and risk preview
Management expects net interest margin to compress by 15-20 bps year-on-year due to yield pressure from competition and rate cuts, partially offset...
Home loan attrition rose to 21-22% annualized from 15-16% last year, driven by aggressive pricing from PSU banks, which could pressure AUM growth.
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