latest research report on bajaj finance

Welcome To BAJAJ FINANCE LTD

• About Bajaj Finance
• Our Business Construct

Chairman's Letter

• Our Footprint

Our Leadership

• Corporate Information
• Management Discussion and Overview
• Report on Corporate Governance
• General Shareholder Information
• Directors' Report
• Business Responsibility and Sustainability Report
• Standalone Financial Statements
• Consolidated Financial Statements

ABOUT BAJAJ FINANCE

Bajaj finance ltd. is one of india’s leading and most diversified financial services companies..

At the heart of our business lies innovation and financial inclusion. Over the last 16 years, Bajaj Finance has enabled India’s growing mass affluent and middle-class population access to all kinds of financial services to realise their dreams. Since inception, the company has leveraged technology to launch 22 product lines and 46 product variants for retail, MSME and commercial consumers, with major product innovations such as EMI card and Flexi.

Product Groups

Consumer Lending

Personal Loans

Public and Corporate Deposits

Rural Lending

Loan against securities

SME Lending

Commercial Lending

Partnerships and Services

69 .1 million

Distribution Points

OUR BUSINESS CONSTRUCT

To be a leading payments and financial services company in India. Dominate with 100 MM consumers, market share of 3% of payments GMV, 3-4% of total credit and 4-5% of retail credit in India.

To be an omnipresent financial services company dominant across all consumer platforms - physical, app, web, social, rewards and virtual.

To acquire & cross-sell across payments, assets, deposits, insurance, investments and broking products to Consumer, MSME, Commercial and Rural consumers across all consumer platforms.

To build businesses with a 10 year view anchored on prudence and risk management to deliver ‘through the cycle’ 19–21% shareholder returns.

MARKET SHARE

Every business of the company to be amongst top 5 in their respective product.

PROFIT SHARE

To be amongst top 20 profit-making companies in India and amongst top 5 profit-making financial services companies in India.

FY2023 was an excellent year for Bajaj Finance

247,379 crore.

16-year CAGR 36%

11,508 crore

16-year CAGR 52%

Profit after Tax

29 .6 million

New loans booked

28,846 crore

Net Interest Income

as of 31 March 2023

Capital adequacy ratio

Business highlights

New customers, 11 .6 million highest ever customer franchise addition, tech-driven, 35 .5 million net users on digital app platform, emi card franchise, 42 million cards in force (cif) emi card franchise, credit rating, aaa/stable for long-term borrowing from crisil, india ratings, care and icra,, a1+ for short-term borrowing from crisil, india ratings and icra, and, aaa/stable for fixed deposit program from crisil and icra..

Omnichannel strategy will make Bajaj Finance a truly customer-centric digital enterprise.

Sanjiv Bajaj

Bajaj Finance Ltd.

ATUL JAIN Managing Director, Bajaj Housing Finance Limited

ANUP SAHA Executive Director

SANDEEP JAIN Chief Financial Officer

RAJEEV JAIN Managing Director

MANISH JAIN CEO, Bajaj Financial Securities Limited

RAKESH BHATT Executive Director

SANJIV BAJAJ Chairman

Our social impact initiatives: A better tomorrow start today

We are committed to providing skilling, healthcare, protection, education, employment opportunities and comprehensive support to people with disabilities (PWD), to help strengthen their financial standing and secure their future.

Shefali Bajaj, Chairperson of CSR Steering Committee, presents a certificate of appreciation to a student for academic excellence, as part of the Sweetlings initiative for diabetic children by Hirabhai Cowasji Jehangir Medical Research Institute, supported by Bajaj Finance

Helping them achieve their full potential

• 296,548 children benefited from education-related initiatives
• 365,300 beneficiaries of interventions for reducing infant mortality
• 169,630 children supported through health interventions

Fostering youth employability at a CPBFI event

Enabling financial self-sufficiency for future changemakers of society

• 30,000 fresh graduates benefited by CPBFI programme across India; presence in 140 towns in 30 states
• 11,250 first-time job seekers had access to employment

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Statutory reports.

• Management Discussion & Analysis

Financial Statements

India's Bajaj Finance jumps most in two years as profit tops estimates

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Reporting by Nallur Sethuraman in Bengaluru; editing by Uttaresh.V and Vinay Dwivedi

Our Standards: The Thomson Reuters Trust Principles. , opens new tab

Samsung shows interest in Nokia mobile networks assets, Bloomberg News reports

Telecom equipment maker Nokia has been exploring options for its mobile networks business and has drawn interest from suitors including Samsung Electronics , Bloomberg News reported on Thursday, citing people familiar with the matter.

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Bajaj Finance Share Price Today Updates: Bajaj Finance Stock Price History

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• Bajaj Finance Ltd

Bajaj Finance Ltd Finance | NSE : BAJFINANCE

• Target : 7,250.0 (25.96%)
• Target Period : 12-18 Month

29 Jan 2023

Sustainable performance to aid valuation....

Bajaj Finance, a strong NBFC with digital footprints, made a strong comeback with AUM growth reaching ~26-28% YoY. Harnessing its large franchise base digitally offers a huge opportunity. Housing forms 33% of the book.

• Bajaj Finance maintained strong operating metrics over various credit and rate cycles leading to >18% RoE and > 4% RoA leading to 2x

In line performance; long term guidance.is more encouraging.

• AUM grew 27% YoY, NII growth at 23.8% YoY to ₹ 7433 crore, marginal uptick in cost of funds
• GNPA, NNPA ratio declined to 1.14%, 0.41%, respectively, in Q3FY23
• PAT grew 40% YoY, 7% QoQ to ₹ 2973 crore as expected
• In Q3FY23, reported RoE at 24% and RoA at 5.4% (annualised)

The stock has given ~20% returns over the past two years. We believe the long range strategy to reach 4-5% of retail credit (~3.5% by FY27E) in India is believable considering the management’s proven track record on meeting guidance. Valuations is likely to stay at premium. The management reiterated that it has no plans to convert into a bank.

• We maintain BUY rating on the stock, offering compounding returns

Omnipresence strategy and organic momentum building up offers comfort on growth sustainability. We revise target price to ₹ 7250 from ₹ 8650 keeping multiple at ~5.7x FY25E ABV.

• The management has rolled out a five-year long range strategy (LRS), aiming for 3-4% share in total credit and 4-5% share in retail credit
• New products entry planned in auto (including tractor financing), MFI and emerging corporate segments to aid business growth over coming years
• Digital transformation, client additions and ambitious targets on AUM growth (25-27% CAGR) to boost profitability
• Stable asset quality and controlled costs expected to continue
• RoE at ~19-21% and RoA at 4-4.5%

Besides Bajaj Finance, in our coverage we also like Axis Bank.

• Axis Bank is the third largest private sector bank in India with a balance sheet size of ₹ 12.2 lakh crore as on December 2022
• We have a BUY rating with a target price of ₹ 1100

Particulars

Shareholding pattern

Price Chart

Recent events & key highlights.

• A ~3 bps QoQ improvement in both GNPA & NNPA

Research Analyst

Kajal Gandhi [email protected]

Key Financial Summary

Variance Table

Q3FY23 Earnings Conference Call Highlights

• In fixed rate business ~50-70 bps pass through has completed. Hence, the impact of remaining transmission will be seen in coming quarters. Business linked to variable price has completely repriced
• Bajaj Finance acquired ~41.5% stake in Snapwork Technologies with the aim to strengthen its technology roadmap. Scheduled to go digital on gold loan, LAS, used car financing and secured business in March 2023
• Recovery commission came down as portfolio quality improved during the quarter
• Bajaj Finance expects to deploy 450,000-500,000 merchant QRs in Q4FY23. It will add 445 new locations in the next four to five years, with 400 in Uttar Pradesh, Bihar and North east
• Added 1400 employees in Q3FY23. It has hired 650 fresher engineers for FY24 and plans to add 1000 more engineers in the following year
• The management reiterated there are no plans to convert into a bank in the near future

BHFL –

• Q3 was a slower quarter. Approvals grew 14% while disbursements de grew 6.5%. Growth likely to come back in the next couple of quarters
• CoF was up 49 bps to 7.12%. Due to a rise in interest rates, there was a bit of pressure in the secondary market. In the primary market there was no significant downturn

Execution plan as per Long Range Strategy (LRS) framework –

• Launched loan against property (LAP) business for MSME customers in January 2023
• To launch new auto loans in Q2FY24, MFI in Q4FY24 and tractor financing in Q1FY25. To launch emerging corporate business in Q3FY24
• Open 100 locations in Uttar Pradesh, Bihar and North-East in FY24 and another 100 locations in FY25
• Ambition - Market share of 3% of payments GMV, 3-4% of total credit and 4-5% of retail credit

Financial Summary

Profit and loss statement ₹ crore.

Key ratios ₹ crore

Balance Sheet ₹ crore

Cash flow statement ₹ crore, previous reports pdf:, analyst certification.

I/We, Kajal Gandhi, CA, Vishal Narnolia, MBA and Pravin Mule, MBA, M.com, Research Analysts Research Analysts, authors and the names subscribed to this report, hereby certify that all of the views expressed in this research report accurately reflect our views about the subject issuer(s) or securities. We also certify that no part of our compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in this report. It is also confirmed that above mentioned Analysts of this report have not received any compensation from the companies mentioned in the report in the preceding twelve months and do not serve as an officer, director or employee of the companies mentioned in the report.     

Terms & conditions and other disclosures:

ICICI Securities Limited (ICICI Securities) is a full-service, integrated investment banking and is, inter alia, engaged in the business of stock brokering and distribution of financial products.

ICICI Securities is Sebi registered stock broker, merchant banker, investment adviser, portfolio manager and Research Analyst. ICICI Securities is registered with Insurance Regulatory Development Authority of India Limited (IRDAI) as a composite corporate agent and with PFRDA as a Point of Presence. ICICI Securities Limited Research Analyst SEBI Registration Number – INH000000990. ICICI Securities Limited SEBI Registration is INZ000183631 for stock broker. ICICI Securities is a subsidiary of ICICI Bank which is India’s largest private sector bank and has its various subsidiaries engaged in businesses of housing finance, asset management, life insurance, general insurance, venture capital fund management, etc. (“associates”), the details in respect of which are available on www.icicibank.com.

ICICI Securities is one of the leading merchant bankers/ underwriters of securities and participate in virtually all securities trading markets in India. We and our associates might have investment banking and other business relationship with a significant percentage of companies covered by our Investment Research Department. ICICI Securities and its analysts, persons reporting to analysts and their relatives are generally prohibited from maintaining a financial interest in the securities or derivatives of any companies that the analysts cover.

Recommendation in reports based on technical and derivative analysis centre on studying charts of a stocks price movement, outstanding positions, trading volume etc as opposed to focusing on a companys fundamentals and, as such, may not match with the recommendation in fundamental reports. Investors may visit icicidirect.com to view the Fundamental and Technical Research Reports.

Our proprietary trading and investment businesses may make investment decisions that are inconsistent with the recommendations expressed herein.

ICICI Securities Limited has two independent equity research groups: Institutional Research and Retail Research. This report has been prepared by the Retail Research. The views and opinions expressed in this document may or may not match or may be contrary with the views, estimates, rating, and target price of the Institutional Research.

The information and opinions in this report have been prepared by ICICI Securities and are subject to change without any notice. The report and information contained herein is strictly confidential and meant solely for the selected recipient and may not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written consent of ICICI Securities. While we would endeavour to update the information herein on a reasonable basis, ICICI Securities is under no obligation to update or keep the information current. Also, there may be regulatory, compliance or other reasons that may prevent ICICI Securities from doing so. Non-rated securities indicate that rating on a particular security has been suspended temporarily and such suspension is in compliance with applicable regulations and/or ICICI Securities policies, in circumstances where ICICI Securities might be acting in an advisory capacity to this company, or in certain other circumstances.

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• Super Investors
•  Account
• Consolidated Standalone
• Share Holding
• Balance Sheet
• Corp. Action

Bajaj Finance share price

NSE:  BAJFINANCE BSE:  500034 SECTOR:  Finance - NBFC   790k    7k    1k

Price Summary

₹  7158.3

₹  6887.55

₹  8190

₹  6190

Ownership Stable

Valuation fair, efficiency excellent, financials very stable, company essentials.

₹ 438008.5 Cr.

₹ 243334.43 Cr.

₹  1200.12

₹ 46938.8 Cr.

₹ 12644.11 Cr.

₹  211.08

Add Your Ratio

Your Added Ratios

Index presence.

The company is present in 29 Indices.

NIFTY100WEIGHT

NIFTYSERVICE

NFTFINSEREXBNK

NIFTYFINANCE

NY500MUL50:25:25

NIFTYLGEMID250

NIFTYTOTALMCAP

NIFTY100ESG

BSE100LARGECAPTMC

S&PDIVSTABLE

S&P LARGEMIDCAP

• Price Chart
• Volume Chart

Price Chart 1d 1w 1m 3m 6m 1Yr 3Yr 5Yr

Volume chart 1d 1w 1m 3m 6m 1yr 3yr 5yr, pe chart 1w 1m 3m 6m 1yr 3yr 5yr, pb chart 1w 1m 3m 6m 1yr 3yr 5yr, peer comparison,  group companies.

Track the companies of Group.

Income Growth

Profit growth, peg ratio earnings growth, it implies that the company is overvalued and vice versa.'>, pat margin (%), eps growth(%).

Share Holding Pattern

Promoter pledging %.

 Strengths

• Company has maintained a good ROA of 4.83152335193994 % in last 3 years.
• Company has a healthy Return on Equity (ROE) track record of 19.7984597006022 %.
• Operating Income has grown well for the company over past 3 years: 3 years CAGR 25.8484139083421 %.
• The company has delivered substantial profit growth of 47.3087664791641 % over past 3 years.
• The company boasts a well-maintained advances growth ratio of 29.1000854378817 %.
• Promoters shareholding is 54.7 %.

 Limitations

• Provision and contingencies have increased by 47.8305443582021 %.

Quarterly Result (All Figures in Cr.)

Profit & Loss (All Figures in Cr. Adjusted EPS in Rs.)

Balance Sheet (All Figures are in Crores.)

Corporate Actions Dividend Bonus Rights Split

Investors details promoter investors.

Annual Reports

• Annual Report 2024 27 Jun 2024
• Annual Report 2023 28 Mar 2024
• Annual Report 2022 28 Mar 2024
• Annual Report 2021 30 Jun 2021
• Annual Report 2020 12 Oct 2020
• Annual Report 2019 9 Jan 2020
• Annual Report 2018 9 Jan 2020
• Annual Report 2017 2 Apr 2021

Ratings & Research Reports

• Credit Report By: CRISIL 9 Jan 2020
• Credit Report By:CRISIL 8 Mar 2022
• Credit Report By:CRISIL 8 Apr 2022
• Credit Report By:ICRA 30 Jun 2023
• Credit Report By:FITCH 30 Jun 2023
• Credit Report By:CRISIL 30 Jun 2023
• Credit Report by:FITCH 3 Jun 2020
• Credit Report by:CARE RATINGS 3 Jun 2020
• Credit Report by:INDIA RATINGS & RESEARCH 14 Jul 2020
• Research Way2Wealth 21 Feb 2024
• Research Way2Wealth 19 Dec 2023
• Research Nirmal Bang Institutional 3 Jul 2020
• Research ICICI Securities Limited 9 Jan 2020
• Research Geojit BNP Paribas 9 Jan 2020
• Research BOB Capital Markets Ltd. 4 Jul 2020
• Research BOB Capital Market 6 Oct 2023
• Research BOB Capital Market 28 Sep 2023
• Research BOB Capital Market 22 Nov 2023
• Research BOB Capital Market 10 Feb 2024

Company Presentations

• Concall Q4FY24 2 May 2024
• Concall Q3FY24 26 Aug 2024
• Concall Q3FY21 15 Apr 2021
• Concall Q2FY24 21 Oct 2023
• Concall Q2FY21 12 Dec 2020
• Concall Q2FY20 9 Jan 2020
• Concall Q1FY25 29 Jul 2024
• Concall Q1FY24 26 Aug 2024
• Concall Q1FY21 12 Dec 2020
• Presentation Q4FY24 29 Apr 2024
• Presentation Q4FY22 28 Apr 2022
• Presentation Q4FY21 28 Apr 2021
• Presentation Q3FY24 26 Aug 2024
• Presentation Q3FY22 27 Jan 2022
• Presentation Q3FY21 15 Apr 2021
• Presentation Q2FY24 18 Oct 2023
• Presentation Q2FY22 30 Oct 2021
• Presentation Q2FY21 12 Dec 2020
• Presentation Q2FY20 9 Jan 2020
• Presentation Q1FY25 29 Jul 2024
• Presentation Q1FY25 24 Jul 2024
• Presentation Q1FY24 26 Aug 2024
• Presentation Q1FY22 22 Jul 2021
• Presentation Q1FY21 21 Jul 2020

Company News

Bajaj finance stock price analysis and quick research report. is bajaj finance an attractive stock to invest in.

Around 2% of India's total population invests in financial assets. The mutual fund industry's penetration in India is close to 7% (Based on the number of PAN cardholders). This under penetration offers a huge opportunity for the industry to grow.

Migration to financial savings, wider distribution and sustainable performance are expected to enable growth in the industry.

Also, increasing financial literacy among investors, digitization and the number of mediums available tend to attract more investors to invest in the financial markets.

Bajaj Finance stock price today is  Rs 6900 . To understand the functions of the Bajaj Finance better, you must go through the following points:

Key Financials –

Profitability : Profit margin (PAT margin) of the company shows how well a company controls its cost. It is one of the important indicators to show the financial health of the company. Net profit of Bajaj Finance is Rs 12644.11 Cr and the compounded growth of profit in the past 3 years is 47.3081958640737 %. The PAT margin of Bajaj Finance is 26.9374 %.

EPS growth:  Investors should ensure the EPS figure is growing faster than revenue numbers because it indicates company management is increasing the efficiency with which it runs the company. In Bajaj Finance , the EPS grew by 20.1865 % YOY. 

 Financial Ratios –

  Return on Equity (ROE):  Bajaj Finance has a healthy ROE track record. The ROE of Bajaj Finance is at 20.7383 % for the latest year.

P/E Ratio : Relative valuation metrics like the P/E ratio can be used to see if the stock of Bajaj Finance is worth at the current levels at Rs  6900 . The stock is trading at a current P/E ratio of 35.3883  and the average historical P/E for the last 5 years was 48.5770215283546 .

P/B ratio can be one of the best metrics to value such companies. Currently, Bajaj Finance is trading at a P/B of 5.7481 . The average historical P/B of Bajaj Finance for the last 5 years was 7.27558656336443 . This can be compared with the Market price per share in order to know if the stock is undervalued or overvalued.

Share Price : - The current share price of Bajaj Finance is Rs 6900 . One can use valuation calculators of ticker to know if Bajaj Finance share price is undervalued or overvalued.

Brief about Bajaj Finance

Bajaj finance ltd. financials: check share price, balance sheet, annual report and quarterly results for company analysis.

Bajaj Finance Ltd. is a non-banking financial company that provides a wide range of financial services to its customers. In this article, we will analyze Bajaj Finance Ltd. from a stock market perspective. We will cover various topics such as share price, balance sheet, annual report, dividend, quarterly result, stock price, price chart, news, concall, transcripts, investor presentations, promoters, and shareholders.

Bajaj Finance Ltd. Share Price:

The share price of Bajaj Finance Ltd. is an important indicator of investor sentiment towards the company. The share price is influenced by various factors, such as the company's financial performance, global economic conditions, and market sentiment. Investors can use our pre-built screening tools to analyze Bajaj Finance Ltd.'s share price and identify any trends or patterns. Bajaj Finance Ltd.'s share price has been on an upward trend over the past few years, reflecting the company's strong financial performance and growth prospects.

Bajaj Finance Share Price Overview

Bajaj Finance Limited is a company that provides loans and other financial services to consumers, businesses, and industries across India. The share price of Bajaj Finance can change with market conditions, news about the company, or changes in the economy. People who keep an eye on this company can find the share price section above the page with regular updates. The section includes a summary of Bajaj Finance’s share price, the 52-week high and low, and the day’s high and low price, providing a snapshot of current and historical price performance.

Bajaj Finance Share Price Movement

To understand how Bajaj Finance's shares have been performing, the share price chart on the web page above can be very helpful. This chart shows the rise and fall of the company's share price over time. You won't need to deal with complicated terms or financial jargon—it's a simple graph that plots the share price history. Additionally, it shows the returns Bajaj Finance shares have generated over various periods, such as one week, one month, six months, one year, three years, and five years, which is useful for getting a feel for how the shares have been doing over time given different market conditions.

Bajaj Finance 52-Week Price Range

If you're interested in seeing the highest and lowest prices at which Bajaj Finance shares have traded in the past year, look at the 52-week high and low. This range can give you a sense of how much the share price has fluctuated and may offer an idea about the stability or volatility of Bajaj Finance shares. Often, investors use this information to compare the current share price with past performance. The share price section above the page is where you will find this 52-week high and low data, offering insight into the broader movement of Bajaj Finance’s share price over the year.

Bajaj Finance Daily Share Price Changes

Day traders or those interested in short-term share price movements might look closely at the daily high and low prices of Bajaj Finance's shares. These figures show how much the share price can change from the opening to the closing of the market on a single day. It helps in understanding the daily level of trading activity and the immediate impact of market events on Bajaj Finance’s share price. To get the latest details on Bajaj Finance's daily price movements, you can refer to the regularly updated share price section mentioned above the page, which helps you stay informed about the company's share price activity within each trading day.

Bajaj Finance Ltd. Balance Sheet:

Bajaj Finance Ltd.'s balance sheet provides crucial information about its financial health. The company's assets include loans, investments, and other assets. Liabilities include borrowings and other liabilities. Equity includes share capital, reserves, and surplus. Investors can use our pre-built screening tools to analyze Bajaj Finance Ltd.'s balance sheet and identify any red flags. The company's balance sheet has remained strong over the years, with a healthy mix of assets and liabilities.

Bajaj Finance Ltd. Annual Report:

Bajaj Finance Ltd. releases an annual report every year, which provides detailed information about the company's financial performance, strategic initiatives, and future plans. The annual report includes a letter from the Chairman, financial statements, and management discussion and analysis. Investors can download Bajaj Finance Ltd.'s annual report from our website and use it to make informed investment decisions. The annual report provides valuable insights into the company's operations and financial performance.

Bajaj Finance Ltd. Dividend:

Bajaj Finance Ltd. regularly pays dividends to its shareholders. Dividends are a portion of the company's profits distributed to shareholders. Investors can use our pre-built screening tools to track Bajaj Finance Ltd.'s dividend history and dividend yield. The company has a consistent track record of paying dividends to its shareholders, which is a positive sign for long-term investors.

Bajaj Finance Ltd. Quarterly Results:

Bajaj Finance Ltd. releases its quarterly results every three months. These provide information about the company's revenue, earnings, and expenses. Investors can use our pre-built screening tools to analyze Bajaj Finance Ltd.'s quarterly results and identify any trends or patterns. The quarterly results are an important indicator of the company's financial health and performance.

Bajaj Finance Ltd. Stock Price:

Bajaj Finance Ltd.'s stock price is affected by various factors, such as the company's financial performance, global economic conditions, and market sentiment. Investors can use our pre-built screening tools to track Bajaj Finance Ltd.'s stock price and identify potential buying opportunities. The stock price of Bajaj Finance Ltd. has been on an upward trend over the past few years, reflecting the company's strong financial performance and growth prospects.

Bajaj Finance Ltd. Price Chart:

A price chart provides a visual representation of a company's stock price over a period of time. Investors can use our pre-built screening tools to analyze Bajaj Finance Ltd.'s price chart and identify any trends or patterns. The price chart shows that the stock price of Bajaj Finance Ltd. has been on an upward trend over the past few years, reflecting the company's strong financial performance and growth prospects.

Bajaj Finance Ltd. News:

Keeping up to date with the latest news about Bajaj Finance Ltd. is important for investors. Our website provides the latest news about Bajaj Finance Ltd. from various sources, such as financial news websites and social media. Investors can use this information to make informed investment decisions.

Bajaj Finance Ltd. Concall:

Bajaj Finance Ltd. holds conference calls with analysts and investors to discuss its financial performance and future plans. Investors can listen to Bajaj Finance Ltd.'s concall and use the information provided to make informed investment decisions. Our website provides information about upcoming concalls and links to listen to past concalls.

Bajaj Finance Ltd. Transcripts:

Ticker provides transcripts of Bajaj Finance Ltd.'s concalls. Investors can download the transcripts and analyze the company's financial performance and future plans. The transcripts provide valuable insights into the company's operations and financial performance.

Bajaj Finance Ltd. Investor Presentations:

Bajaj Finance Ltd. provides investor presentations on its website. These presentations provide information about the company's financial performance, strategic initiatives, and future plans. Investors can download Bajaj Finance Ltd.'s investor presentations from our website and use them to make informed investment decisions. The investor presentations provide valuable insights into the company's operations and financial performance.

Bajaj Finance Ltd. Promoters:

Promoters are individuals or entities that have a significant stake in a company. Bajaj Finance Ltd.'s promoters include Bajaj Finserv Ltd., which holds a significant stake in the company. Investors can use our pre-built screening tools to analyze Bajaj Finance Ltd.'s promoter holdings and identify any potential conflicts of interest. Bajaj Finance Ltd.'s promoter holdings are relatively stable, which is a positive sign for long-term investors.

Bajaj Finance Ltd. Shareholders:

Bajaj Finance Ltd. has a large number of shareholders, including institutional and individual investors. Investors can use our pre-built screening tools to analyze Bajaj Finance Ltd.'s shareholder base and identify any potential risks or opportunities. Bajaj Finance Ltd.'s shareholder base is diverse, which is a positive sign for long-term investors.

Bajaj Finance Ltd. Premium Features:

Our website provides premium features tools such as DCF Analysis, BVPS Analysis, Earnings multiple approaches, and DuPont analysis. These tools can help investors make better investment decisions by providing more detailed insights into the company's financial performance and valuation.

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Sonu Sood delights fans with exclusive BTS pic Featuring Indian army in Fateh

Sonu Sood, renowned for his philanthropic efforts and powerful performances, has excited fans with a glimpse behind the scenes of his upcoming film Fateh. The actor recently shared a compelling behind-the-scenes photo from the set of the highly anticipated cyber-crime thriller, showcasing a proud moment with Indian Army officers against the backdrop of the iconic India Gate. Sonu’s heartfelt post, accompanied by a heart emoji, quickly resonated with fans, who flooded the comments with their appreciation and support. View this post on Instagram A post shared by Sonu Sood (@sonu_sood) Fateh is set to release on January 10, 2025, and has already generated considerable buzz among audiences. The film, marking Sonu Sood’s directorial debut, delves into the critical issue of cybercrime in India. The powerful storyline and action-packed sequences aim to elevate Indian cinema to international standards, with the promise of high-octane thrills comparable to Hollywood productions. In addition to Sonu Sood, the film stars Jacqueline Fernandez, known for her dynamic roles in Bollywood. The cast also includes the esteemed actor Naseeruddin Shah, who will portray a hacker in the film. The involvement of such a talented ensemble underscores the film’s ambition to set a new benchmark in the action genre. Produced by Sonali Sood, Shakti Sagar Productions, and Zee Studios, Fateh is poised to be a major release in the coming year. Sonu Sood’s directorial venture has been described as a passionate project that reflects his commitment to addressing contemporary issues through cinema. The BTS photo shared by Sood not only highlights his connection with the Indian Army but also amplifies the film’s anticipation among fans. As the release date approaches, the excitement surrounding Fateh continues to build, promising a riveting cinematic experience.

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Bajaj Finserv, Bajaj Finance shares gain ahead of mortgage arm IPO

Special shareholder quota for bajaj finserv, bajaj finance shareholders.

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Bajaj Housing Finance Rs 7,000 Crore IPO To Hit Dalal Street In September; All Investors Need To Know

As the month of September approaches, all eyes are on the upcoming initial public offering (IPO) of Bajaj Housing Finance, one of India's leading non-deposit-taking housing financiers. A subsidiary of Bajaj Finance Ltd, Bajaj Housing Finance is set to make its much-anticipated debut on the stock exchanges, with market sources suggesting a potential early September listing. This IPO has generated significant buzz in the financial community, as investors await more information about the price band and bidding dates.

Bajaj Housing Finance's decision to go public is not merely a strategic move for raising capital but also a compliance measure in response to the Reserve Bank of India's (RBI) regulatory requirements. The RBI mandates that upper-layer non-banking financial companies (NBFC-UL) must list on the stock exchanges by September 2025. To meet this deadline, Bajaj Housing Finance filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) in June 2024, setting the stage for its Rs 7,000 crore IPO.

The IPO is expected to include both a fresh issue of shares and an offer for sale (OFS) by the parent company, Bajaj Finance Ltd. Specifically, the IPO will comprise a fresh issue of shares worth Rs 4,000 crore, while Bajaj Finance Ltd will offload additional shares worth Rs 3,000 crore through the OFS route. The primary objective of the fresh issue is to boost Bajaj Housing Finance's capital base, enabling it to expand its lending operations and capitalize on future growth opportunities in the housing finance sector.

In addition to strengthening its capital base, Bajaj Housing Finance aims to leverage the IPO to enhance its brand visibility and create a public market for its shares in India. A portion of the proceeds from the fresh issue will also be allocated to cover expenses related to the offering, ensuring that the company maximizes the benefits of going public.

The IPO will feature a reserved portion of equity shares for eligible employees of Bajaj Housing Finance. Additionally, there will be a set-aside for shares with a face value of Rs 10 each for eligible promoters, including individuals and Hindu Undivided Families (HUFs) who are part of the promoters' public equity ownership.

Investors often look to compare the financial metrics of a company with its industry peers to assess its relative valuation. According to the DRHP, Bajaj Housing Finance's listed peers include notable players in the housing finance sector such as PNB Housing Finance, Can Fin Homes, Aadhar Housing Finance, Aavas Financiers, Aptus Value Housing Finance, and Home First Finance.

For instance, PNB Housing Finance and Can Fin Homes have price-to-earnings (P/E) ratios of 12.4 and 12.9, respectively, while Aadhar Housing Finance and Aavas Financiers have P/E ratios of 18.7 and 3.3. LIC Housing Finance, another significant player in the industry, has a P/E ratio of 7.3.

Bajaj Housing Finance's robust financial performance in the fiscal year 2023-24 further underscores the attractiveness of this IPO. The company reported a net profit of Rs 1,731 crore, marking an impressive 38% increase from Rs 1,258 crore in the previous fiscal year.

However, it's worth noting that the proportion of home loans to total assets under management (AUM) for Bajaj Housing Finance saw a slight decline, from 61.7% to 57.8% as of March 31, 2024. This shift may indicate a diversification of the company's loan portfolio, potentially reducing its reliance on home loans while exploring other lending avenues.

The success of an IPO often hinges on the expertise of its lead managers, and Bajaj Housing Finance has partnered with some of the most reputable names in the financial industry. The Book Running Lead Managers for the IPO include Kotak Mahindra Capital Company Ltd, BofA Securities India Ltd, Axis Capital Ltd, Goldman Sachs (India) Securities Private Ltd, SBI Capital Markets Ltd, JM Financial Ltd, and IIFL Securities Ltd.

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Super micro computer tumbles 25% on 10k reporting delay, accusations of accounting irregularities.

WASHINGTON (AP) — Super Micro Computer lost a quarter of its value in morning trading Wednesday after the server technology company said it was delaying the filing of its annual report.

The company said in a regulatory filing that “additional time is needed for management to complete its assessment of the design and operating effectiveness of its internal controls over financial reporting as of June 30, 2024," which was the end of the company's fiscal year.

Super Micro Computer's announcement comes one day after short-selling firm Hindenburg Research said a three-month review turned up new evidence of accounting manipulation by the San Jose, California-based company. Hindenburg said it has taken a short position in the stock, meaning it's betting the price will drop.

The company's shares slid 25.2% in midday trading to $409.48. They hit an all-time high of $1,229 each on March 8 of this year.

Hindenburg accused Super Micro of rehiring top executives that were directly involved in an accounting scandal that resulted in the company being temporarily delisted by Nasdaq in 2018 for failing to file financial statements. The Securities and Exchange Commission in 2020 charged Super Micro with improper accounting for “prematurely recognizing revenue and understating expenses" beginning at least as early as fiscal 2015 to 2017. The company paid a $17.5 million civil penalty.

Super Micro has been among the technology companies recently riding a wave of enthusiasm over products and services related to artificial intelligence.

Super Micro's shares more than quadrupled in less than three months to start the year as it reported booming revenue. Earlier this month, Super Micro reported fourth-quarter revenue of $5.3 billion, a more than 143% increase over the $2.2 billion it reported in the same quarter of 2023.

Hindenburg said its investigation included interviews with former senior employees and industry experts and a review of records that “found glaring accounting red flags, evidence of undisclosed related party transactions, sanctions and export control failures, and customer issues.”

When asked for comment on the Hindenburg report, the company said in an email that it “does not comment on rumors and speculation.”

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• BAJAJ FINANCE LTD.

Bajaj Finance Ltd. NSE: BAJFINANCE | BSE: 500034

Bajaj Finance Ltd. Live Share Price Today, Share Analysis and Chart

7063.55 163.55 ( 2.37 %)

52W Low on Mar 06, 2024

High volume today.

NSE 29 Aug, 2024 3:31 PM (IST)

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SWOT Analysis

Bajaj finance ltd. live price chart, earnings conference calls, investor presentations and annual reports, earnings calls, annual reports, credit ratings, investor presentation, bajaj finance ltd. faq, how is bajaj finance ltd. today, bajaj finance ltd. today is trading in the green, up by 2.37% at 7063.55., how has bajaj finance ltd. performed historically, bajaj finance ltd. is currently trading up 2.37% on an intraday basis. in the past week the stock rose 4.87%. stock has been up 2.77% in the past quarter and fell -2.38% in the past year. you can view this in the overview section..

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Cash-back Fees

Executive summary, cash-back transactions, benefits and costs to merchants.

Access to cash is a necessary component of a resilient financial system and dynamic economy. Many people rely on cash for day-to-day transactions due its privacy and reliability, and cash accessibility is particularly critical in the case of a disruption or outage of digital payment systems. While people use various means of getting cash, one common method is to get “cash back” at a store when making a purchase with a debit or prepaid card. This option may be particularly important in banking deserts and in areas where banks and ATM operators charge significant fees. Retailers are essentially filling a void in access to cash, which has historically been supplied by banks and credit unions in an affordable way.

Providing cash back is valuable to consumers and merchants. Survey data show that it is a popular method to get money via consumers’ bank debit or prepaid cards. Merchants offer cash back to attract customers and reduce their cash handling costs. In its recent engagement and market monitoring, the CFPB observed that some retailers charge a fee for this transaction.

This spotlight provides an overview of consumers’ use of cash back, the benefits and costs of such transactions to merchants, and the practices of other market actors which do not charge fees for this service. The CFPB also analyzed the cash-back fees of a sample of national retailers.

Fees for cash back may serve as a barrier and reduce people’s access to cash when they need it. The CFPB will continue to monitor developments related to the fees consumers pay for accessing cash, and the underlying failure of banks and credit unions to adequately supply cash throughout the country in an affordable manner.

Key Findings

• Cash-back fees are costing consumers millions of dollars . The CFPB found that three companies in the sample charge cash-back fees and estimates that they collect over $90 million in fees annually for people to access their cash. The CFPB also estimates that the marginal cost to merchants for processing each transaction may be a few pennies, compared to the much higher fees charged by these retailers to consumers. While there may be other costs related to cash handling, these are generally reduced by the provision of cash back, as it reduces merchants’ cash on hand.
• Three major firms charge cash-back fees even though other competitors offer it for free. Three retail companies Dollar General, Dollar Tree, and Kroger, which also operate brands such as Family Dollar, Harris Teeter, Ralph’s, and others, charge fees for this service while other national retail companies sampled by the CFPB do not charge a fee. At the two largest dollar store corporations, cash-back fees for small withdrawal amounts are the highest in the sample ($1 or more for amounts under $50). Kroger, the country’s largest grocery chain, recently expanded cash-back fees to its Harris Teeter brand (75 cents for $100 or less), higher than those in place among its other brands (50 cents for $100 or less), in addition to higher fees for larger amounts.
• Cash-back fees are levied on low pre-set cash withdrawal amounts . Many merchants pre-determine the withdrawal amount options in a single transaction, commonly between $5 and $50. The fees charged on small, constrained amounts often constitute a high percentage of the cash withdrawal and limit consumers’ ability to spread the cost of that fee over larger amounts. It may also induce repeat withdrawals, with consumers incurring a new fee each time.
• Consumers with lower incomes or fewer banking choices may be more likely to encounter cash-back fees . Dollar stores are frequently located in small rural towns, communities of color, and low-income communities. These areas are also more likely to be places where there are fewer branch locations, and communities where people are more reliant on cash for daily transactions than others.

This section summarizes the importance of cash availability and the use of cash-back as an access point for consumers.

Cash is a critical part of a resilient payment ecosystem. Surveys show people still try to have cash on hand 1 and nearly 90 percent of people used cash in the last 30 days. 2 Cash accessibility is necessary should other types of digital payment systems experience failures, 3 such as in the event of a natural disaster or some other catastrophe, 4 or a technological malfunction at a single company. 5 Additionally, some populations are more reliant on cash than others for day-to-day transactions. For example, cash is more frequently used by people with lower incomes, racial minorities, and older Americans than other populations. 6 As discussed below, cash back is a common method for obtaining cash for many consumers.

How cash back works

Consumers may obtain cash during the completion of a purchase transaction at certain stores when using a PIN-authenticated debit card or prepaid card at the register. Some merchants also provide cash back at self-service registers. Consumers typically must choose from pre-set withdrawal amount options presented at the payment terminal at the time of the transaction. In a cash-back transaction, consumers are usually limited to a maximum withdrawal amount ranging from $5 to $50, though some merchants may allow higher amounts.

Scope of usage

CFPB analysis of data from the Diary and Survey of Consumer Payment Choice (Survey) found that from 2017 to 2022, cash withdrawals at retail locations made up 17 percent of all transactions by which people got cash from their checking account, savings account, or prepaid card. As shown in Figure 1, cash withdrawals at retail are second only to ATMs (61%) and more frequently used than bank tellers (14%). The Survey and methodology are discussed in the Tables and Notes section .

Figure 1: Instances of getting cash from bank account or prepaid card, by location, 2017 to 2022, combined

Source : CFPB tabulations of the Diary and Survey of Consumer Payment Choice.

The Survey data also show that from 2017 to 2022, cash withdrawals at a retail location (restricted to those where the source of funds was the consumer’s checking, savings, or a prepaid card) had a mean withdrawal amount of $34 (median: $20). 7 By contrast, during this same timeframe, the mean ATM withdrawal among survey participants was $126 (median: $100). 8 A study by researchers at the Federal Reserve Bank of Atlanta utilizing Survey data found that cash withdrawals at a retail store had the lowest average amount of cash withdrawal, and noted that “[t]he amount of cash received at a retail store is constrained by the store’s limits, so the amount of cash received in this way is not necessarily at the discretion of the consumer.” 9

Cash back may serve as a particularly important point of access in the absence of other banking services. A 2014 study by the Federal Reserve Bank of Richmond analyzed cash-back transactions from a national discount retail chain from 2010 to 2012. 10 Looking specifically at the Richmond bank’s district, the area with the highest frequency of cash-back transactions was in the southeastern region of South Carolina, an area “that has been subject to ‘persistent poverty’” and “has some of the sparsest dispersion of bank branches.” 11 The study also illustrated the lucrative nature of cash-back fees: During the course of this study period, the merchant introduced a fee for cash back. Data from this report indicates that the retailer collected approximately $21 million in cash-back fees in a year. 12

Merchants benefit from offering cash back at point-of-sale. First, the service may attract potential shoppers, either people making a purchase in order to get cash back or people who prefer one retail location over another in order to conveniently combine tasks. Second, it reduces merchants’ cash handling costs. 13 Dispensing cash to consumers, such as through cash-back transactions, reduces merchants’ supply of cash and therefore also reduces their cost of handling, transporting, and depositing excess cash.

Merchants incur costs for processing any type of payment transaction, including cash-back transactions. On any purchase using an electronic payment method, including a PIN-authorized debit-card or prepaid card, a merchant will incur a range of fees for processing that payment, such as interchange, network, and processing fees. While the merchant incurs these fees for a consumer’s purchase, there is an additional cost for providing cash back to the consumer.

To assess this additional transaction cost to the merchant for providing cash back, the CFPB modeled potential scenarios based on publicly available data and our market monitoring activities. The model incorporates estimates of merchant-incurred fees, such as interchange, network, processing, and fraud control fees. Methodology is discussed in detail in the Table and Figure Notes. The CFPB estimates that the additional marginal transactional cost to a merchant for processing a typical cash-back debit card transaction may range from a penny to about 20 cents (Table 1).

Table 1: Estimated additional merchant cost of a debit card cash-back transaction

Source : CFPB calculations based on public data about industry practices and averages. See Table and Figure Notes below for methodology .

This section provides an analysis of cash-back fee practices of eight national retail chains. It includes a discussion of the variation of these practices among these national chains and other actors, such as local independent grocers. The analysis is supplemented by market monitoring discussions with merchants about fees, costs, and consumer trends, both among merchants who charge cash back fees and those who do not. The CFPB also conducted consumer experience interviews and reviewed consumer complaints submitted to the CFPB. It concludes with a discussion of how these fees appear to function differently than fees for cash withdrawals at ATMs.

Current market practices

As of August 2024, there is no publicly available survey data regarding merchants’ cash-back practices or fees. To establish a baseline, the CFPB documented the fee practices of eight large retail companies. The sample consists of the two largest retail actors, measured by number of locations, across four different sectors: Dollar Stores, Grocery Stores, Drugstores, and Discount Retailers. 14 Using this approach, the eight retailers sampled are: Dollar General and Dollar Tree Inc. (Dollar Stores), Kroger Co. and Albertsons Companies (Grocery Stores), Walgreens and CVS (Drugstores), and Walmart and Target (Discount Retailers).

All retailers in our sample offer cash-back services, but only Dollar General, Dollar Tree Inc., and Kroger Co. brands charge a fee. Other retailers offer cash-back for free, even for withdrawal amounts similar to or larger than those provided by the three retailers who charge. (Table 2). Among the national chains that charge these cash-back fees, the CFPB estimates that they collect over $90 million in fees annually for people to access their cash. 15

Table 2: Cash-back fee practices, major retail companies

Source : CFPB analysis of the retail cash-back market. See Table and Figure Notes for methodology .

Beyond these national chains, there are other providers offering cash back as a free service to their customers. Through its market monitoring activities, the CFPB observed that many local independent grocers offer the service, but do not charge a fee. They do not charge a fee even though they are likely to have thinner profit margins and less bargaining power than national chains to negotiate on pricing on costs they incur from wholesalers or fees for payment processors. The U.S. Postal Service also offers cash back on debit transactions, in increments of $10 up to a $50 maximum, free of charge. 16

Cash-back fees at dollar stores

Among the merchants sampled, Dollar General and Dollar Tree Inc. charge the highest fees for withdrawal amounts under $50. These fees combined with the constrained withdrawal amount may mean that the fee takes up a hefty percentage relative to the amount of cash withdrawn, and people may be less able to limit the impact of the fee by taking out more cash.

Additionally, the geographic distribution of dollar store chains and their primary consumer base raises concerns that these fees may be borne by economically vulnerable populations and those with limited banking access. Dollar stores are prevalent in rural communities, low-income communities, and communities of color – the same communities who may also face challenges in accessing banking services. 17 For example, Dollar General noted that in 2023 “approximately 80% of [its] stores are located in towns of 20,000 or fewer people,” 18 while Dollar Tree Inc. operated at least 810 dual-brand combination stores (Family Dollar and Dollar Tree in a single building) designed specifically “for small towns and rural communities…with populations of 3,000 to 4,000 residents.” 19

Though they are open to and serve consumers of all income levels, dollar stores report that they locate stores specifically to serve their core customers: lower-income consumers. 20 In urban communities, one study shows, “proximity to dollar stores is highly associated with neighborhoods of color even when controlling for other factors.” 21 These same communities may also face challenges in accessing banking services. Low-income communities and communities of color often face barriers to access to banking services, and rural communities are 10 times more likely to meet the definition of a banking desert than urban areas. 22

Though the dollar store concept existed as far back as the 1950s, it has experienced significant expansion and consolidation since the 2000s. 23 Dollar Tree Inc. acquired Family Dollar in 2015. 24 From 2018 to 2021, nearly half of all retail locations opened in the U.S. were dollar stores. 25 In research examining the impact of dollar store expansion, studies indicate that the opening of a dollar store is associated with the closure of nearby local grocery retailers. 26

Variation of fees charged

In its scan of current market practices, the CFPB found variations in fee charges among store locations and brands owned by the same company. For example, as reflected in Table 2, Dollar Tree charges consumers $1 for cash back at Dollar Tree branded stores, but $1.50 in its Family Dollar stores. Similarly, Kroger Co. has two different fee tiers for its brands. In 2019, Kroger Co. rolled out a $0.50 cash-back fee for amounts of $100 or less, and $3.50 for amounts between $100 and $300. This took effect at brands such as Kroger, Fred Meyers, Ralph’s, QFC, Pick ‘N Save, and others. At the time of the rollout, the company noted two exceptions: Electronic benefits transfer (EBT) card users would not be charged a fee, and customers using their Kroger Plus card would not be charged for amounts under $100 but would be charged $0.50 for larger amounts. Kroger Co. acquired the southern grocery chain Harris Teeter in 2014, but it did not begin charging a cash-back fee at those stores until January 2024, at $0.75 for amounts of $100 or less, and $3 for larger amounts. 27

In its engagement with stakeholders, the CFPB learned that Dollar General’s fees appeared to vary in different locations. To better understand this potential variation, in December 2022, the CFPB mystery shopped at nine locations in one state, across a mix of rural, suburban, and urban communities. The CFPB acknowledges this is a small sample and is not intended to be representative. The data collected is based on the knowledge of the store associates at the time of each interaction.

In these findings, the CFPB learned of a range of fee variations across store locations: five of the nine respondents noted that the fee varies depending on the type of card used for the transaction. When probed for the meaning of “type of card,” most noted that it is dependent on the customer’s bank, though it is not exactly clear what fees will be triggered by what card type prior to initiating the transaction. Additionally, reported fees range from $1 to $2.50, with some stores reporting a flat fee structure of $1.50 and others reporting a range that tiered up with larger withdrawal amounts (with a cap of withdrawal amounts at $40). Most stores in this sample had a range of fees between $1.00 and $1.50, although two stores located in small, completely rural counties had a higher range of fees. The store located in the smallest and most isolated county within the sample, with only about 3,600 people, had the highest reported fee amount of $2.50.

Distinction from ATM fees

One of the market dynamics likely contributing to retailers’ ability to charge these fees is the high fees also charged to consumers for using out-of-network automated teller machines (ATMs). One source estimates that the average out-of-network ATM fee is $4.77, accounting for both the surcharge fee charged by the ATM owner and the foreign fee charged by the consumer’s financial institution. 28 By comparison, a $2 fee for cash back at a retailer may appear cheaper, and usually does not trigger an additional fee by the consumers’ financial institution or prepaid card issuer. Notwithstanding the high ATM fees, there are reasons for focused attention on the consumer risk of cash-back fees charged by retailers, primarily the amount of the fee relative to the value of the cash withdrawal and the distribution of the fee burden across income groups.

In a typical ATM transaction, a consumer has a greater ability to distribute the cost of the fee across a larger amount of cash than with cash back. There may be some exceptions to this for consumers who have only $10 or $20 in their bank account, but as shown in Table 3, low-income consumers and others withdraw greater amounts at ATMs than via cash-back, on average. In cash-back transactions, lower withdrawal limits are in place, and consumers do not have that option to withdraw larger amounts. CFPB analysis of the Diary and Survey of Consumer Payment Choice from 2017 to 2022 show that even among consumers with incomes below $50,000, the amount withdrawn at an ATM is more than double the typical cash-back withdrawal amount. Additionally, for the average and median amounts, across all incomes the ATM withdrawal amounts are larger than cash-back withdrawal amounts. (Table 3).

Table 3: Average ATM and cash-back withdrawal amounts, by income, 2017 to 2022 combined

Source: CFPB tabulations of the Diary and Survey of Consumer Payment Choice. See Table and Figure Notes for methodology .

Further, while merchants limit the amount of a single withdrawal, there is no limit on the number of withdrawals. So, if a consumer needs $100 cash at a store which limits a single withdrawal to a maximum amount of $50 with a $2 fee, the consumer would have to make two $50 withdrawals for a $4 fee plus the cost of any otherwise unwanted purchase required to access the cash-back service.

Finally, the burden of cash-back fees may be distributed differently than ATM fee burdens. The share of borrowers who pay ATM fees for cash withdrawals is relatively evenly distributed across income levels, according to a study based on the Diary and Survey of Consumer Payment Choice. 29 The study found little variation in the percentage of consumers who encountered a fee for an ATM cash withdrawal by income quintile, though the study did not look at the amount of the ATM fees paid. Analogous data are not available for cash-back fees, but a similarly even distribution across incomes is unlikely given the demographics of the consumer base served by the largest retailers which charge fees (dollar stores).

While the use of digital payment methods is on the rise, cash accessibility remains a critical component of a resilient financial infrastructure and dynamic economy. Bank mergers, branch closures, and bank fee creep have reduced the supply of free cash access points for consumers. In this void, people may be more reliant on retailers for certain financial services historically provided by banks and credit unions, such as cash access. In this context, we observe that some retailers provide cash back as a helpful service to their customers, while other retailers may be exploiting these conditions by charging fees to their consumers for accessing their cash.

This spotlight examines the presence of retailer cash-back fees and impact to consumers. Cash-back fees are being levied by just a small handful of large retail conglomerates (Dollar General, Dollar Tree Inc., and Kroger Co.) amidst a backdrop of consolidation in these segments. Meanwhile, other larger retailers continue to offer cash-back services free. The CFPB estimates cash-back fees cost consumers about $90 million a year.

The CFPB is concerned that reduced access to cash undermines the resilience of the financial system and deprives consumers of a free, reliable, and private means of engaging in day-to-day transactions. The CFPB will continue to monitor developments related to the fees consumers pay for accessing cash, and work with agencies across the federal government to ensure people have fair and meaningful access to the money that underpins our economy.

Table and Figure Notes

Notes for figure 1.

The Federal Reserve Bank of Atlanta’s annual Diary and Survey of Consumer Payment Choice (Survey) tracks consumers’ self-reported payment habits over a three-day period in October using a nationally representative sample. The survey includes a question about whether and how consumers access cash, such as where they made the withdrawal, the source of the cash, and the amount of the withdrawal. Figure 1 provides a percentage of all cash-back withdrawal transactions from a bank account, checking account, or prepaid card reported between 2017 and 2022, by location (ATM, Retail point-of-sale, Bank teller, and Other). The number of observations during this time is 192 transactions. It does not include cash-back transactions made using a credit card cash advance feature or other form of credit.

Notes for Table 1

This model assumes that 80 percent of the merchant transaction cost is due to interchange fees, 15 percent due to network fees, and 5 percent due to payment acquirer fees. It also includes a $0.01 fee for fraud protection. For regulated transactions, the interchange fees are $0.22 + 0.05% of the transaction amount. Regulated transactions are those where the debit card used is issued by a bank with more than $10 billion in assets, and subject to 15 U.S.C. § 1693o-2. Exempt transactions are those not subject to this statutory cap on interchange fees. While Mastercard does not publish its fees for exempt transactions, Visa does. This model uses Visa’s published fees as of October 2023 for card-present transactions: for the National Discount Chain, the fees for Exempt Retail Debit ($0.15 + 0.80%), and for the National Grocery Chain, Exempt Supermarket Debit ($0.30 flat fee). An October 2023 Federal Reserve report on interchange fee revenue found that in 2021, the most recent data available, 56.21 percent of debit transactions were regulated and 43.79 percent were exempt. This composition is reflected in the table.

Notes for Table 2

The storefront counts for each of the retailers come from their websites, last visited on March 28, 2024, or their most recent reports to investors. Fee information was gathered either through publicly available information such as the merchant’s website, and/or verified through the CFPB’s market monitoring activities.

Dollar Tree Inc. announced on March 13, 2024 that it will close 1,000 of its Family Dollar and Dollar Tree brands stores over the course of the year. If those closures occur, Dollar Tree, Inc. will still have over 15,000 storefronts across the country.

In October 2022, Kroger Co. and Albertsons Companies announced their proposal to merge, though on February 26, 2024, the Federal Trade Commission and nine state attorneys general sued to block this proposal, alleging that the deal is anti-competitive. On April 22, 2024, Kroger Co. and Albertsons Companies announced a revised plan in which, if the merger is approved, the combined entity would divest 579 stores to C&S Wholesalers. If the divestiture occurs, the combined entity will still have over 4,400 stores across the country.

Notes for Table 3

See above notes for Figure 1 about the Diary and Survey of Consumer Payment Choice (Survey). Table 3 provides mean and median amounts of ATM and Retail point-of-sale cash withdrawal transactions by income. In the Survey, participants were asked to report the total combined income of all family members over age 15 living in the household during the past 12 months. From these responses, we constructed five income brackets – four of $25,000 each plus a fifth bin for any respondents reporting more than $100,000 in annual household income for each respondent in each year.

See e.g., Jay Lindsay, A Fatal Cash Crash? Conditions Were Ripe for It After the Pandemic Hit, but It Didn’t Happen , Fed. Rsrv. Bank of Boston (Nov. 2, 2023), https://www.bostonfed.org/news-and-events/news/2023/11/cash-crash-pandemic-increasing-credit-card-use-diary-of-consumer-payment-choice.aspx

Kevin Foster, Claire Greene, & Joanna Stavins, The 2023 Survey and Diary of Consumer Payment Choice , Fed. Rsrv Bank of Atlanta (June 2024), https://doi.org/10.29338/rdr2024-01

See e.g., Hilary Allen, Payments Failure, Boston College Law Review, Forthcoming, American University, WCL Research Paper No. 2021- 11, (Feb. 21, 2020) available at https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3539797

See e.g., Scarlett Heinbuch, Cash Is Critical in Times of Crisis , Fed. Rsrv. Bank of Atlanta (Mar. 7, 2022), https://www.atlantafed.org/blogs/take-on-payments/2022/03/07/cash-in-crisis

See e.g., Carly Page, Square Says It Has Resolved Daylong Outage , TechCrunch, (Sept. 8, 2023), https://techcrunch.com/2023/09/08/square-day-long-outage-resolved/ . See also Caroline Haskins, The Global CrowdStrike Outage Triggered a Surprise Return to Cash , Wired, (July 19, 2024), https://www.wired.com/story/microsoft-crowdstrike-outage-cash/ .

See Berhan Bayeh, Emily Cubides and Shaun O’Brien, 2024 Findings from the Diary of Consumer Payment Choice , Fed. Rsrv. (May 13, 2024), https://www.frbservices.org/binaries/content/assets/crsocms/news/research/2024-diary-of-consumer-payment-choice.pdf (findings related to low-income consumers and older Americans use of cash); Emily Cubides and Shaun O’Brian, 2023 Findings from the Diary of Consumer Payment Choice , Fed. Rsrv., (May 19, 2024), https://www.frbsf.org/cash/wp-content/uploads/sites/7/2023-Findings-from-the-Diary-of-Consumer-Payment-Choice.pdf (findings related to unbanked households use of cash), and Michelle Faviero, , More Americans are Joining the ‘Cashless’ Economy ,” Pew Rsch. Ctr, (Oct. 5, 2022), https://www.pewresearch.org/short-reads/2022/10/05/more-americans-are-joining-the-cashless-economy/ (findings related to use of cash by race and other demographics).

Similarly, the average cash-back withdrawal amount was $33 in 2012, the most recent data available from the Federal Reserve Payments Study. The study was based on self-reported information from financial institutions surveyed by the Federal Reserve. Of the reported transactions, 73 percent were debit cards with an average amount of $33 and 27 percent on general purpose prepaid cards with an average withdrawal amount of $19. 2013 Federal Reserve Payments Study: Recent and Long-Term Payment Trends in the United States: 2003 – 2012 , Fed. Rsrv. Bd. (July 2014), https://www.frbservices.org/binaries/content/assets/crsocms/news/research/2013-fed-res-paymt-study-summary-rpt.pdf

The amounts in the Survey are lower than the average ATM withdrawal amounts reported in 2022 Federal Reserve Payments study, which utilizes data from surveying financial institutions. Per this study, in 2021, the average ATM withdrawal was $198. The Federal Reserve Payments Study: 2022 Triennial Initial Data Release , Fed. Rsrv. Bd. (Apr. 21, 2023), https://www.federalreserve.gov/paymentsystems/fr-payments-study.htm

Claire Green and Oz Shy, How Consumers Get Cash: Evidence from a Diary Survey , Fed. Rsrv. Bank of Atlanta, (Apr. 2019), at 5, https://www.atlantafed.org/-/media/documents/banking/consumer-payments/research-data-reports/2019/05/08/how-consumers-get-cash-evidence-from-a-diary-survey/rdr1901.pdf (finding, “For the largest amounts of cash, respondents mostly turned to employers, with an average dollar value of cash received of $227. At bank tellers and ATMs, consumers also received average dollar values greater than the overall average: $159 and $137, respectively. Consumers received smaller amounts from family or friends ($93) and, notably, cash back at a retail store ($34). All these dollar amounts are weighted. The amount of cash received at a retail store is constrained by the store’s limits, so the amount of cash received in this way is not necessarily at the discretion of the consumer.”)

Neil Mitchell and Ann Ramage, The Second Participant in the Consumer to Business Payments Study , Fed. Rsrv. Bank of Richmond (Sept. 15, 2014), https://www.richmondfed.org/~/media/richmondfedorg/banking/payments_services/understanding_payments/pdf/psg_ck_20141118.pdf

Id. at 8, Figures 7 and 8.

See e.g., Stan Sienkiewicz, The Evolution of EFT Networks from ATMs to New On-Line Debit Payment Products , Discussion Paper, Payment Cards Ctr. of the Fed. Rsrv. Bank of Philadelphia (Apr. 2002), https://www.philadelphiafed.org/-/media/frbp/assets/consumer-finance/discussion-papers/eftnetworks_042002.pdf?la=en&hash=88302801FC98A898AB167AC2F9131CE1 (“The cash back option became popular with supermarket retailers, since store owners recognized savings as a result of less cash to count at the end of the day, a chore that represented a carrying cost to the establishment.”).

These market segments and retailers for purposes of markets analysis are similar to those used in other academic literature related to dollar store locations in the context of food access or impact on other market dynamics, such as on local grocers. See e.g., El Hadi Caoui, Brett Hollenbeck, and Matthew Osbourne, The Impact of Dollar Store Expansion on Local Market Structure and Food Access ,” (June 22, 2022), available at https://ssrn.com/abstract=4163102 (finding "In 2021, there were more of these stores operating than all the Walmarts, CVS, Walgreens, and Targets combined by a large margin.”) and Yue Cao, The Welfare Impact of Dollar Stores ,” available at https://yuecao.dev/assets/pdf/YueCaoDollarStore.pdf (last visited Aug. 23, 2024) (using the categories of dollar stores, groceries, and mass merchandise (such as Walmart) for comparisons across retail segments and noting that dollar stores regard these other segments as competitors).

Estimate based on information voluntarily provided in the CFPB's market monitoring activities.

What Forms of Payment are Accepted? U.S. Postal Serv., https://faq.usps.com/s/article/What-Forms-of-Payment-are-Accepted (last visited Aug. 23, 2024).

See generally, Stacy Mitchell, Kennedy Smith, and Susan Holmberg , The Dollar Store Invasion , Inst. for Local Self Reliance (Mar. 2023), https://cdn.ilsr.org/wp-content/uploads/2023/01/ILSR-Report-The-Dollar-Store-Invasion-2023.pdf . There is also extensive research on dollar store locations in other contexts such as food access and impact on consumer spending habits. El Hadi Caoui, Brett Hollenbeck, and Matthew Osbourne, The Impact of Dollar Store Expansion on Local Market Structure and Food Access ,” at 5, (June 22, 2022), available at https://ssrn.com/abstract=4163102

Dollar General Annual Report (Form10-K) at 7 (Mar. 25. 2024), https://investor.dollargeneral.com/websites/dollargeneral/English/310010/us-sec-filing.html?format=convpdf&secFilingId=003b8c70-dfa4-4f21-bfe7-40e6d8b26f63&shortDesc=Annual%20Report .

Dollar Tree, Inc. Annual Report (Form 10-K) at 7 (Mar. 20. 2024), https://corporate.dollartree.com/investors/sec-filings/content/0000935703-23-000016/0000935703-23-000016.pdf

See e.g., Dollar General Annual Report (Form10-K) at 7 (Mar. 25. 2024) (“We generally locate our stores and plan our merchandise selections to best serve the needs of our core customers, the low and fixed income households often underserved by other retailers, and we are focused on helping them make the most of their spending dollar.” And, Dollar Tree, Inc. Annual Report (Form 10-K) at 6 (Mar. 20. 2024), (“Family Dollar primarily serves a lower than average income customer in urban and rural locations, offering great values on everyday items.”)

Dr. Jerry Shannon, Dollar Stores, Retailer Redlining, and the Metropolitan Geographies of Precarious Consumption , Ann. of the Am. Assoc. of Geographers, Vol. 111, No. 4, 1200-1218 (2021), (analyzing over 29,000 storefront locations of Dollar General, Dollar Tree, and Family Dollar locations across the three largest MSA in each of the nine U.S. Census Bureau-defined divisions.)

Kristen Broady, Mac McComas, and Amine Ouazad, An Analysis of Financial Institutions in Black-Majority Communities: Black Borrowers and Depositors Face Considerable Challenges in Accessing Banking Services ,” Brookings Inst., (Nov. 2, 2021), https://www.brookings.edu/articles/an-analysis-of-financial-institutions-in-black-majority-communities-black-borrowers-and-depositors-face-considerable-challenges-in-accessing-banking-services/ and Drew Dahl and Michelle Franke, Banking Deserts Become a Concern as Branches Dry Up , Fed. Rsrv. Bank of St. Louis, https://www.stlouisfed.org/publications/regional-economist/second-quarter-2017/banking-deserts-become-a-concern-as-branches-dry-up (July 25, 2017).

El Hadi Caoui, Brett Hollenbeck, and Matthew Osbourne, The Impact of Dollar Store Expansion on Local Market Structure and Food Access ,” (June 22, 2022), available at https://ssrn.com/abstract=4163102 .

Dollar Tree Completes Acquisition of Family Dollar , Dollar Tree Inc., (July 6, 2015), available at https://corporate.dollartree.com/news-media/press-releases/detail/120/dollar-tree-completes-acquisition-of-family-dollar

El Hadi Caoui, Brett Hollenbeck, and Matthew Osbourne, The Impact of Dollar Store Expansion on Local Market Structure and Food Access ,” (June 22, 2022), available at https://ssrn.com/abstract=4163102 and Yue Cao, The Welfare Impact of Dollar Stores, https://yuecao.dev/assets/pdf/YueCaoDollarStore.pdf (last visited Aug. 23. 2024).

Evan Moore, Harris Teeter Introduces New Fees that Have Customers Upset. What To Know Before You’re Charged , Charlotte Observer, (Mar. 14, 2024), https://amp.charlotteobserver.com/news/business/article286627340.html

Karen Bennett and Matthew Goldberg, Survey: ATM fees Reach 26-year High While Overdraft Fees Inch Back Up , Bankrate.com (Aug. 21, 2024), https://www.bankrate.com/banking/checking/checking-account-survey/

Oz Shy and Joanna Stavins, Who Is Paying All These Fees? An Empirical Analysis of Bank Account and Credit Card Fees , Fed. Rsrv. Bank of Boston, Working Paper No. 22-18, at Table 2, (Aug. 2022), https://www.bostonfed.org/publications/research-department-working-paper/2022/who-is-paying-all-these-fees-an-empirical-analysis-of-bank-account-and-credit-card-fees .