Money & Banking

Bajaj Finance Q4 net rises 42%

Our Bureau Mumbai | Updated on April 27, 2021

Bajaj Finance logo on building.

Loan losses and provisions for the quarter ended March 31, 2021 was ₹1,231 crore   -  istock.com/Denis Vostrikov

Net for FY21 falls 16% to ₹4,420 cr; new loans booked down at 54.7 lakh

Bajaj Finance reported a 42 per cent increase in its consolidated net profit to ₹1,346.64 core for the quarter ended March 31, 2021 as against ₹948.1 crore in the same period a year ago.

However, for the fiscal year 2020-21, consolidated net profit declined 16 per cent to ₹4,419.82 crore as against ₹5,263.75 crore in 2019-20.

Interest income data

Net interest income for the fourth quarter of the fiscal fell marginally to ₹4,659 crore from ₹4,684 crore a year ago. Interest income reversal for the quarter was ₹298 crore as compared to ₹122 crore in the fourth quarter of 2019-20.

“New loans booked during the fourth quarter of 2020-21 were 54.7 lakh as against 60.3 lakh in the fourth quarter of 2019-20. Customer franchise as of March 31, 2021 stood at 4.85 crore as against 4.26 crore as of March 31, 2020.

The company acquired 22.6 lakh new customers in the fourth quarter of 2020-21 as compared to 18.5 crore in the fourth quarter of 2019-20,” Bajaj Finance said in a statement on Tuesday. Loan losses and provisions for the quarter ended March 31, 2021 was ₹1,231 crore as against ₹1,954 crore a year ago. “During the quarter, the company has done accelerated write-offs of ₹1,530 crore of principal outstanding on account of Covid-19 related stress and advancement of its write off policy.

“The company holds a management overlay and macro provision of ₹840 crore as of March 31, 2021,” it further said. Gross net performing assets were 1.79 per cent as on March 31, 2021 versus 1.61 per cent a year ago. Net NPAs were at 0.75 per cent as on March 31, 2021 versus 0.65 per cent as of March 31, 2020.

A dividend of ₹10 per share of the face value of ₹2 each on equity shares of the company has been recommended by the board for 2020-21, Bajaj Finance said.

Published on April 27, 2021

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