Bajaj Finance Q1 results: Net profit falls 3% YoY to Rs 843 cr, NII rises 6%

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MUMBAI: today reported a 3 per cent year-on-year decline in net profit to Rs 843 crore for the quarter ended June.

The non-bank lender reported a 6 per cent rise in its net interest income for the reported quarter despite operations being marginally affected by the second wave of the Covid-19 pandemic.

The decline in bottomline of the company was largely on account of rise in loan losses and provisions in the quarter. Loan losses and provisions rose to Rs 1,724 crore in the quarter from Rs 1,641 crore in the year-ago quarter.

The company’s assets under management grew 12 per cent to Rs 1.19 lakh crore as of June 30.

The minimal disruption to operations in the quarter compared to the previous year helped the company book 160.5 per cent more loans on a standalone basis.

On a consolidated basis, the company’s deposit book reported a growth of 39 per cent in the June quarter to Rs 29,972 crore.

…More to come



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