Money & Banking

Bajaj Finance Q2 net up 53.5%

Our Bureau Mumbai | Updated on October 27, 2021

NII increased by 28% to ₹5,335 crore

Bajaj Finance reported a 53.5 per cent jump in its consolidated net profit for the second quarter of the fiscal to ₹1,480.99 crore against ₹964.88 crore in the corresponding period last fiscal.

For the quarter-ended September 30, total revenue from operations increased by 18.7 per cent to ₹7,731.36 crore from ₹6,513.15 crore a year ago.

NII rises

Net interest income for the second quarter of the fiscal increased by 28 per cent to ₹5,335 crore as against ₹4,162 crore a year ago.

Interest income reversal for the quarter stood at ₹322 crore as compared to ₹216 crore in the second quarter last fiscal.

New loans booked during the second quarter were up 75 per cent to 63.3 lakh from 36.2 lakh in the second quarter last fiscal.

Loan losses and provisions for the July to September 2021 quarter stood at ₹1,300 crore as against ₹1,700 crore in the second quarter last fiscal.

“During the quarter, the company has done accelerated write-offs of ₹355 crore of principal outstanding on account of Covid-19 related stress and advancement of write-off policy,” Bajaj Finance said in a statement on Tuesday.

The company holds management and macro-economic overlay of ₹832 crore as of September 30, 2021.

Gross non-performing assets and net NPA as of September 30, 2021 stood at 2.45 per cent and 1.1 per cent respectively, as against 2.96 per cent and 1.46 per cent as of June 30, 2021.

Published on October 26, 2021

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