Bajaj Finance announced Q2 Finance results in Net profit 36% fall
Wednesday Bajaj Finance announced Q2 Finance results report the Net profit 36% percent fall to Rs.965 crore but last year same quarter net profit Rs.1,506 crore, this year profit down.
The company asset under management Rs.1,37,090 crore this grew 1% percent Sep 2020, a last year same quarter Rs.1,35,533 crore Sep 2019.
Bajaj Finance Q2 Net interest income increase 4% percent to Rs.4,165 crore against Rs.4,000 crore Sep 2020. the company has reversed capitalized interest of Rs.142 crore. in the company liquidity position remains very strong said the Bajaj Finance.
The total operating expenses to net interest income this year Q2 Fall 16% percent to Rs.1,160 crore from 1,384 crore and total operating expenses were lower by Rs.224 crore on a year-on-year basis.
Loan losses and provisions for Q2 FY21 were Rs.1,700 crore as against Rs.594 crore in the last year the same quarter. the covid situation pandemic the company further increase its provisions on stage 1 and 2 expenses in April 2020, hse strong pre-provisioning profitability to manage loan losses arising out of covid-19; Said the Bajaj Fiance.
The company NPA(Non-Performing Loan) at quarter 1.03% percent but last year the same quarter 1.61% percent. Net non-performing assets on 0.34% percent, the last year the same quarter 0.65 percent. The provisioning coverage ratio as of September 30, 2020, was 64% percent. Provisioning coverage on stage 1 and 2 assets were 369 bps as of 30 September 2020 versus 273 bps as of June 2020 and against 90-100 bps during the pre-pandemic situation.
Bajaj Finance today currently trade share price Rs.3,271, a price value changes 1.7% percent gain.
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