Bajaj Finance Q4 profit slips 19 per cent to Rs 948 crore

By: |
May 19, 2020 8:37 PM

The company has made a contingency provision of Rs 900 crore with regard to COVID-19.

Bajaj Finance. Bajaj Finance q4The company has made a contingency provision of Rs 900 crore with regard to COVID-19.

Bajaj Finance on Tuesday reported 19 per cent decline in March quarter consolidated net profit at Rs 948 crore due to COVID-19 crisis.

The company had registered a profit of Rs 1,176 crore in January-March 2018-19, according to a company statement.

Total income in the latest quarter rose to Rs 7,232.83 crore from Rs 5,298.01 crore in the year-ago period, it said.

The company has made a contingency provision of Rs 900 crore with regard to COVID-19, it said.

Due to coronavirus pandemic and the lockdown, the company lost 10 productive days in the quarter resulting in lower acquisition of nearly 1 million loan accounts and lower AUM of approximately Rs 4,500 crore, it said.

In accordance with the RBI guidelines relating to ”COVID-19 Regulatory Package” dated March 27, 2020, the company has offered EMI moratorium to its customers based on requests as well as on a suo-moto basis, it said.

Gross non-performing assets (NPAs) as at March-end 2020 rose to 1.61 per cent from 1.54 per cent a year ago while net NPA increased to 0.65 per cent from 0.63 per cent.

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