Bajaj Finance Q1 outcomes: Internet revenue falls 3% YoY to Rs 843 cr, NII rises 6%

MUMBAI: right now reported a 3 per cent year-on-year decline in net profit to Rs 843 crore for the quarter ended June.

The non-bank lender reported a 6 per cent rise in its internet curiosity earnings for the reported quarter regardless of operations being marginally affected by the second wave of the Covid-19 pandemic.

The decline in bottomline of the corporate was largely on account of rise in loan losses and provisions within the quarter. Mortgage losses and provisions rose to Rs 1,724 crore within the quarter from Rs 1,641 crore within the year-ago quarter.

The corporate’s belongings beneath administration grew 12 per cent to Rs 1.19 lakh crore as of June 30.

The minimal disruption to operations within the quarter in comparison with the earlier 12 months helped the corporate e book 160.5 per cent extra loans on a standalone foundation.

On a consolidated foundation, the corporate’s deposit e book reported a progress of 39 per cent within the June quarter to Rs 29,972 crore.

…Extra to return

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