The company had posted a net profit of Rs 892 crore in the corresponding quarter last year
Abhijit Lele |
Last Updated at April 27, 2021 23:59 IST
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.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
First Published: Tue, April 27 2021. 23:56 IST