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Bajaj Finance posted a 19.38 per cent decline in consolidated net profit at ₹948.1 crore in the fourth quarter of FY20 when compared to ₹1,176.06 crore a year ago.
“Adjusted for contingency provision of ₹900 crore for Covid-19, profit for the quarter was up by 38 per cent at ₹1,622 crore,” it said in a statement on Tuesday, adding that loan losses and provisions (expected credit loss) for the fourth quarter was ₹1,954 crore, against ₹409 crore a year ago.
Its net interest income grew 38 per cent to ₹4,684 in the quarter ended March 31, 2020, crore from ₹3,385 crore a year ago. New loans increased by three per cent during the quarter.
“Due to the Covid-19 pandemic and consequent lockdown, the company lost 10 productive days in the fourth quarter, resulting in lower acquisition of nearly 10 lakh loan accounts and lower AUM of approximately ₹4,500 crore,” it further said.
Its consolidated assets under management grew 27 per cent to ₹1.47-lakh crore in the quarter.
In 2019-20, its net profit grew by 32 per cent to ₹5,264 crore from ₹3,995 crore in FY19.
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