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

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

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

In the year-ago quarter of the previous financial year, NII was at ₹ 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 ₹ 1,352 crore against ₹ 1,700 crore quarter-over-quarter.

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