Bajaj Finance net rises 30% to Rs 1,161 cr in January-March quarter

The company had posted a net profit of Rs 892 crore in the corresponding quarter last year

Bajaj Finance posted a 30 per cent rise in net profit at Rs 1,161 crore in the fourth quarter of financial year 2020-21 (Q4FY21). It had posted a net profit of Rs 892 crore in the corresponding quarter last year (Q4FY20). Its net profit for FY21 declined to Rs 3,956 crore from Rs 4,881 crore in FY20.
 
The board has recommended a dividend of Rs 10 per share (500 per cent) of the face value of Rs 2 each on equity shares for FY21, the company said in a filing to BSE. Rahul Bajaj, non-executive director of the company, has tendered his resignation to the board with effect from close of business hours on April 30. The board approved the appointment of Rahul Bajaj as chairman emeritus of the company for five years with effect from May 1.

 
Its net interest income (NII) for Q4 dipped to Rs 4,287 crore. The interest income reversal for the quarter was Rs 289 crore in Q4. The loan losses and provisions for Q4 FY21 was Rs 1,201 crore as against Rs 1,865 crore in 04 FY20, the company said in a statement. During the quarter, the company has done acceler­ated write offs of Rs 1,530 crore of principal outs­ta­nding on account of Covid-related stress and advance­ment of its write off policy.