NEW DELHI: Bajaj Finance on Wednesday reported a 52 per cent year-on-year rise in consolidated net profit at Rs 1,614 crore for December quarter compared with Rs 1,060 crore in the same quarter last year.
Analysts in an ET NOW poll had estimated profit figure at Rs 1,500 crore.
Net interest income (NII) for the quarter rose 42 per cent to Rs 4,537 crore compared with Rs 3,206 crore in the year-ago quarter.
Asset under management (AUM) climbed 35 per cent to Rs 1,45,092 crore from Rs 1,07,507 crore YoY.
“Consumer B2B sales finance had a slow quarter as the company witnessed significant slowdown in consumption categories. This was in addition to our cautious stance in digital products financing,” the company said.
Loan losses and provisions (expected credit loss) for the quarter surged 84 per cent to Rs 831 crore compared with Rs 451 crore in the same quarter last year. During the quarter, the company made an accelerated provision of Rs 85 crore in its loan against securities portfolio. “Adjusted for this, loan losses and provisions (expected credit loss) for December quarter was Rs 746 crore,” the company said in a BSE filing.
Gross non-performing assets (NPA) and net NPA for the quarter stood at 1.61 per cent and 0.70 per cent respectively. The provisioning coverage ratio came in at 57 per cent. On QoQ basis, gross NPA was while net NPA was up 5 basis points.
Annualised return on assets (RoA) for the quarter stood at 4.78 per cent and return on equity (RoE) at 23.78 per cent.
The NBFC said it added 182 new locations in Q3 FY20, taking its total geographic presence to 2,179 locations in India as of December 31.
Source: Economic Times
