Bajaj Finserv on Wednesday reported a 15 per cent rise in its consolidated profit at Rs 1,290 crore for the third quarter ended December. The company had posted a net profit of Rs 1,126 crore in the same period of the financial year 2019-20.
New Delhi:
Total income rose to Rs 15,960.72 crore as against Rs 14,561 crore in the year-ago period, Bajaj Finserv said in a release.
Bajaj Finserv is the holding company for various financial services businesses of the Bajaj Group.
The company holds 52.74 per cent stake in Bajaj Finance Ltd. It also holds 74 per cent stake each in two unlisted insurance companies Bajaj Allianz General Insurance and Bajaj Allianz Life Insurance.
During the quarter, Bajaj Finance Ltd (BFL) reported a 29 per cent decline in consolidated profit at Rs 1,146 crore as against Rs 1,614 crore in the same quarter of the previous fiscal.
Consequent to the ongoing pandemic, BFL has, as a matter of prudence, written off/provided for principal and interest of potentially unrecoverable loans under moratorium by utilising the available, expected credit loss provision, Bajaj Finserv said in a statement.
"BFL continues to hold a management overlay of Rs 800 crore in provisions, given the dynamic and evolving nature of the pandemic along with other variables. Overall credit costs for BFL were higher by Rs 521 crore and Rs 2,762 crore for Q3 FY21 and 9 months FY21, respectively," it said.
Even the life insurance business witnessed some moderation, with profit declining to Rs 118 crore from Rs 143 crore in the September-December quarter of the previous financial year.
However, the general insurance business recorded a profit of Rs 330 crore as against Rs 191 crore in the same quarter a year ago.
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