Bajaj Finance Ltd (BFL) on Tuesday reported a 42 percent jump in consolidated net profit at Rs 1,347 crore for the fourth quarter of the fiscal ended March 2021.
The company's net profit stood at Rs 948 crore in the January-March period of the preceding fiscal year 2019-20. CNBC-TV18 Polls had predicted a profit of Rs 1,311.2 crore for the quarter under review.
The consolidated figures of BFL include results of wholly-owned subsidiaries Bajaj Housing Finance Ltd (BHFL) and Bajaj Financial Securities Ltd (BFinsec).
The new loans booked during Q4 FY21 fell to 54.7 lakh (5.47 million) as against 60.3 lakh (6.03 million) in the same quarter a year ago, Bajaj Finance said in a regulatory filing.
Net interest income during the quarter also dipped 1 percent to Rs 4,659 crore from Rs 4,684 crore in Q4 FY20, it said. Total income fell by 5 percent to Rs 6,855 crore from Rs 7,231 crore earlier.
For the full year 2020-21, net profit dropped 16 percent to Rs 4,420 crore as against Rs 5,264 crore in 2019-20. Total income during the year, however, rose 1 percent to Rs 26,683 crore as against Rs 26,385 crore.
New loans booked in FY21 fell 38 percent to 168.8 lakh (16.88 million) as against 274.4 lakh (27.44 million) a year ago. The company's assets under management as of March 31, 2021, increased by 4 percent to Rs 1.52 lakh crore as against Rs 1.47 lakh crore.
The gross and net non-performing assets (NPAs) stood at 1.79 percent and 0.75 percent respectively by end of March 2021, as against 1.61 percent and 0.65 percent earlier.
The company has a provisioning coverage ratio of 58 percent on stage 3 assets (NPAs) and 181 basis points on stage 1 and 2 assets as of March 31, 2021.
"Loan losses and provisions for FY21 was Rs 5,969 crore as against Rs 3,929 crore in FY20. During the year, the company has done accelerated write-offs of Rs 3,500 crore of principal outstanding on account of COVID-19 related stress and advancement of its write-off policy.
"The company holds a management overlay and macro provision of Rs 840 crore as of March 31, 2021," it added.
Bajaj Finance said its board of directors has recommended a dividend of Rs 10 per equity share for FY21.
On a consolidated basis, the company witnessed a growth of over 25 percent in loan against securities and commercial lending during the year, while consumer B2B (business to business) and B2C (business to consumer) lending dropped 8 percent and 3 percent, respectively.
Rural B2B and B2C, as well as SME lending, registered growth of 8 percent, 11 percent, and 4 percent. Mortgage lending too increased by 7 percent.
On Tuesday, the shares of Bajaj Finance ended 3.02 percent higher at Rs 4,873.45 apiece on the BSE.
(Edited by : Jomy)