Bajaj Finance reported a four per cent increase in its consolidated net profit for the first quarter of the fiscal at ₹1,002 crore from ₹962 crore a year ago.

For the quarter ended June 30, 2021, its net interest income grew eight per cent to ₹4,489 crore against ₹4,152 crore in the first quarter of last fiscal.

“Interest income reversal for the quarter was ₹451 crore in the first quarter of the fiscal compared to ₹306 crore a year ago,” Bajaj Finance said in a statement on Tuesday.

Loan losses and provisions for the quarter was ₹1,750 crore against ₹1,686 crore a year ago.

“During the quarter, the company has done accelerated write-offs of about ₹113 crore of principal outstanding on account of Covid-19 related stress. The company holds a management overlay and macro provision of ₹483 crore as of June 30, 2021,” Bajaj Finance said.

Gross non-performing assets and net NPA as of June 30, 2021 stood at 2.96 per cent and 1.46 per cent respectively, as against 1.4 per cent and 0.5 per cent as of June 30, 2020.

It booked new loans amounting to ₹46.3 lakh in the first quarter of this fiscal as against ₹17.5 lakh a year ago.

The company acquired 18.8 lakh new customers in the first quarter this fiscal compared to 5.3 lakh in the first quarter of last fiscal.

The board of directors of Bajaj Finance also approved the appointment of Pramit Jhaveri, as an additional and independent director for a five-year period effective August 1, 2021, subject to approval of shareholders.

Jhaveri is Advisor, Premji Invest and Senior Advisor, PJT Partners. He was previously Chief Executive Officer of Citibank Indiafrom 2010 to 2019.

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