India's Bajaj Finance posts higher quarterly profit on strong loan growth

Oct 19 (Reuters) - India's Bajaj Finance (BJFN.NS), opens new tab posted higher quarterly profit on Monday, supported by strong growth in its loan book.

The non-banking financial company reported a 28.7% year-on-year rise in consolidated profit after tax to ⁠63.67 billion rupees ($670.74 million) for the quarter ended September 30, from 49.48 billion rupees a year earlier.

Robust demand for consumer financing, along with sustained borrowing by small businesses and growing demand for ⁠gold loans and housing finance, has supported loan growth across non-bank lenders.

Bajaj Finance's assets under management grew ⁠26% year-on-year in the September quarter.

Its net interest income - the difference between interest ⁠earned on credit and paid on borrowings - rose 24% ⁠to 133.35 billion rupees.

($1 = 94.9250 Indian rupees)

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Reporting by Nishit Navin in Bengaluru; Editing by Sonia Cheema