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Business News/ Companies / Company Results/  Bajaj Finserv Q3 consolidated net profit jumps 15% to 1,290 cr
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Bajaj Finserv Q3 consolidated net profit jumps 15% to ₹1,290 cr

The consolidated interest income was marginally lower at ₹6,599 cr

On Wednesday, the company's scrip on NSE closed trading 0.1% higher at ₹8,934.90Premium
On Wednesday, the company's scrip on NSE closed trading 0.1% higher at 8,934.90

Bajaj Finserv on Wednesday reported 15% rise in consolidated net profit at 1,290 crore for the quarter ending 31 December, 2020. It was 1,126 crore in the year-ago period.

The consolidated interest income was marginally lower at 6,599 crore as against 6,699 crore in Q3FY20.

On Wednesday, the company's scrip on NSE closed trading 0.1% higher at 8,934.90.

Total income rose to 15,960.72 crore as against 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 1,146 crore as against 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 Finserve said in a statement.

"BFL continues to hold a management overlay of 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 521 crore and 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 118 crore from 143 crore in the September-December quarter of the previous financial year.

However, the general insurance business recorded a profit of 330 crore as against 191 crore in the same quarter a year ago.

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Published: 20 Jan 2021, 06:33 PM IST
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