Bajaj Finance Net Profit Falls 3% To Rs 843 Crore In June Quarter

Bajaj Finance Q1 Results: The company's total revenue from operations in the first quarter of the current fiscal stood at Rs 5,915.90 crore, compared to Rs 5,900.63 crore in the year-ago period.

Bajaj Finance Net Profit Falls 3% To Rs 843 Crore In June Quarter

Shares of Bajaj Finance settled 1.24 per cent lower at Rs 5,937.90 apiece on the BSE.

Financial services company Bajaj Finance announced its April-June quarter results for the financial year 2021-22, reporting a net profit of Rs 842.9 crore on a standalone basis, compared to Rs 869.50 in the corresponding quarter of the previous fiscal, marking a decline of three per cent year-on-year. The company's total revenue from operations in the first quarter of the current fiscal stood at Rs 5,915.90 crore, compared to Rs 5,900.63 crore in the year-ago period.

Bajaj Finance reported a six per cent rise to Rs 4,153 crore in net interest income - the difference between interest earned and interest expended, in the June quarter, despite its operations being affected due to the second wave of the COVID-19 pandemic. The non-bank lender reported a net interest income of Rs 3,917 crore in the same quarter last year.

The assets under management (AUM) grew by 12 per cent to Rs 1,19,567 crore in the April-June quarter in the current fiscal, compared to Rs 1,06,584 crore in the year-ago period.

The company's loan losses and provisions for the June quarter stood at Rs 1,724 crore, compared to Rs 1,641 crore in the year-ago period. Bajaj Finance holds a management overlay and macro provision of Rs 351 crore as of June 30,  2021, according to a regulatory filing by the company to the stock exchanges.

On Tuesday, July 20, shares of Bajaj Finance settled 1.24 per cent lower at Rs 5,937.90 apiece on the BSE. Bajaj Finance opened don the BSE at Rs 6,013, inching to an intra day high of Rs 6,028.80 and an intra day low of Rs 5868.45, throughout the trading session today.