Bajaj Finance on Wednesday reported 30% decrease in standalone net profit at ?1,049 crore for the quarter ending 31 December, 2020. It was ?1,488 crore in the year-ago period. The consolidated net profit fell 29% to ?1,146 crore as against ?1,614 crore in year-ago period.
Total income fell 5% to ?6,658 crore from ?7,024 crore in December 2019.
Assets under management (AUM) as of 31 December, 2020 was ?1,43,550 crore as against ?1,45,092 crore as of 31 December, 2019.
Interest income declined 9% to ?4,973 crore as against ?5,486 crore in December 2019.
Gross NPA and Net NPA as of 31 December, 2020 stood at 0.55% and 0.19% respectively, as against 1.61% and 0.70% as of 31 December, 2019.
Shares of Bajaj Finance Limited was last trading in BSE at ?4,960.85 as compared to the previous close of ?4,713.6.
The stock hit an intraday high of ?4,994 and intraday low of 4,752.35.
Loan losses and provisions for Q3FY21 was ?1,352 crore as against ?831 crore in Q3FY20. During the quarter, the company has done one time write-off of principal outstanding of ?1,970 crore and interest outstanding of ?365 crore on account of Covid-19 related stress.
The company has reported EPS of Rs18.94 for the period ended 31 December, 2020 as compared to ?27.12 for the period ended 31 December, 2019.
“The Company has not classified any accounts which were not NPA as of 31 August 2020, as per RBI norms, as NPA after 31 August 2020. However, if the Company had classified borrower accounts as NPA after 31 August 2020, the Company’s Gross NPA and Net NPA ratio would have been 2.86% and 1.22% respectively,” said Bajaj Finance in a statement.
“Net Interest Income (NII) for Q3FY21 was ?4,296 crore as against ?4,535 crore in Q3 FY20. NII for the quarter was lower by ?239 crore as compared to Q3FY20. This was predominantly due to higher reversal of interest income at ?450 crore versus ?83 crore in Q3FY20 and higher cost of liquidity surplus at ?213 crore versus ?83 crore in Q3FY20,” the company said.
News Source:- livemint