Bajaj Finance on January 20 reported a 29 percent year-on-year (YoY) fall in consolidated net profit at Rs 1,145.98 crore for the quarter ended December 2020. Profit in the year-ago period was at Rs 1,614.11 crore. The profit numbers missed market estimates as a CNBC-TV18 poll had estimated the numbers to the tune of Rs 1,190 crore.
Consolidated net interest income (NII) came in at Rs 4,296 crore for the said quarter, down 5.3 percent YoY, due to higher reversal of interest income at Rs 450 crore versus Rs 83 crore in Q3FY20 and higher cost of liquidity surplus at Rs 213 crore versus Rs 83 crore in Q3FY20. In the corresponding quarter of the previous financial year, NII was at Rs 4,535 crore. NII numbers for Q3FY21 beat street expectations as a CNBC-TV18 poll had estimated the numbers at Rs 4,043.5 crore. Gross NPA and Net NPA as of December 31 2020, stood at 0.55 percent and 0.19 percent, respectively, as against 1.61 percent and 0.70 percent as of 31 December 2019, said the company.
The company said it has done a one-time write-off of principal outstanding of Rs 1,970 crore and of interest outstanding of Rs 365 crore. New loans booked during Q3FY21 were 6.04 million as against 7.67 million in Q3FY20. Assets under management (AUM) as of 31 December 2020 was Rs 1,43,550 crore as against Rs 1,45,092 crore YoY. Customer franchise as of 31 December 2020 stood at 46.31 million as against 40.38 million YoY. The company said it had acquired 2.19 million new customers in Q3FY21 as compared to 2.46 million in Q3FY20. Capital adequacy ratio (including Tier-II capital) as of 31 December 2020 stood at 28.18 percent. The Tier-I capital stood at 24.73 percent.