Money & Banking

Bajaj Finserv Q4 consolidated net profit surges to ₹979 crore

Our Bureau Mumbai | Updated on April 28, 2021

For 2020-21, the company’s consolidated net profit soared 32.7%

Bajaj Finserv has reported a consolidated net profit of ₹979.06 crore for the quarter ended March 31, compared to ₹194.43 crore in the same period in 2019-20.

“As on March 31, 2021, BSE Sensex has rebounded by over 68 per cent from March 31, 2020 levels, resulting in higher than normal mark-to-market gain on investments of insurance subsidiaries during 2020-21. This has resulted in an increase in consolidated profit after tax of ₹892 crore for 2020-21 compared to decrease of ₹451 crore in the fourth quarter and 2019-20,” Bajaj Finserv said in a statement on Wednesday, noting that the consolidated profit figures for the current quarter and year ended may not be directly comparable with those of the corresponding previous periods.

Further, it also holds management overlay off ₹840 crore in provisions.

For 2020-21, Bajaj Finserv’s consolidated net profit soared 32.7 per cent to ₹4,470.46 crore, against ₹3,369.1 crore in 2019-20.

For the quarter ended March 31, 2021, its consolidated income rose 15.7 per cent to ₹15,387 crore from ₹13,294 crore a year ago.

In 2020-21, it made loan loss provisions including expected losses of ₹5,969 crore as compared to ₹3,929 crore, Bajaj Finserv said.

Its subsidiary, Bajaj Allianz General Insurance reported a 10.2 per cent decline in its net profit to ₹273 crore in the fourth quarter of 2020-21 from ₹304 crore a year ago.

In the case of Bajaj Allianz Life Insurance, shareholders' profit after tax in the fourth quarter last fiscal rose to ₹234 crore from Rs 38 crore a year ago, largely due to higher capital gains.

A dividend of ₹3 per share of face value of ₹5 each on equity shares of the company has been recommended by the board of directors today for 2020-21.

Published on April 28, 2021

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