Non-banking finance company Bajaj Finance reported a 42 percent year-on-year (YoY) increase in the March quarter profit at Rs 1,347 crore on April 27.
Profit in the same quarter of the previous year was Rs 948.1 crore.
However, Consolidated assets under management stood at Rs 1,52,947 crore, increasing 3.9 percent from Rs 1,47,153 crore in March 2020. The non-bank finance company’s board also declared a dividend of Rs 10 per share.
Net Interest Income
Net interest income declined half a percent to Rs 4,659 crore from Rs 4,684 crore in Q4 FY20.
Losses and Provisions
Loan losses and provisions for Q4FY21 were at Rs 1,231 crore as against Rs 1,954 crore in Q4FY20 and Rs 1,352 crore in Q3FY21.
Gross NPA
The Gross non-performing assets (NPA) declined to 1.79 percent as of March 2021 from 2.86 percent in the previous quarter and net NPA also dropped to 0.75 percent from 1.22 percent in the same period.
Fresh Loan
The company said new loans booked during Q4FY21 were 5.47 million as against 6.03 million in Q4FY20.
Comment from Company
“During the quarter, the company has done accelerated writeoffs of around Rs 1 ,530 crore of principal outstanding on account of COVID-19 related stress and advancement of its writeoff policy.
Given the dynamic and evolving nature of the pandemic, these estimates included the impact of possible known events till date and are subject to uncertainty caused by resurgence of Covid-19 pandemic.”
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