Business

Bajaj Finance’s Q3 Profit Declines 29% Year-on-Year

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Bajaj Finance's Q3 Profit Declines 29% Year-on-Year

AUM as of December 31, 2020, was Rs 1,43,550 crore against Rs 1,45,092 crore year-over-year.

Bajaj Finance on Wednesday reported a 29 per cent year-on-year fall in consolidated net profit at Rs 1,145.98 crore for the quarter ended December 2020. The financier’s profit in the year-ago period was at Rs 1,614.11 crore.

Net interest income (NII) was at Rs 4,296 crore for the third quarter, down 5.3 per cent year-on-year, due to higher reversal of interest income at Rs 450 crore compared with Rs 83 crore in Q3FY20 and higher cost of liquidity surplus at Rs 213 crore compared with Rs 83 crore in Q3FY20.

In the year-ago quarter of the previous financial year, NII was at Rs 4,535 crore, the company reported.

Gross non- performing asset (NPA) and net NPA as of December 31, 2020, was at 0.55 per cent and 0.19 per cent, respectively against 1.61 per cent and 0.70 per cent as of December 31, 2019, the company said.

The company reported loan losses and provision at Rs 1,352 crore against Rs 1,700 crore quarter-over-quarter.

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New loans booked during Q3FY21 were 6.04 million against 7.67 million in Q3FY20.

Assets under management as of December 31, 2020, was Rs 1,43,550 crore against Rs 1,45,092 crore year-over-year.

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