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Bajaj Finserv Ltd on Wednesday reported an over 31 per cent decline in consolidated net profit at Rs 833 crore for the first quarter ended June 2021. The company had reported a net profit of Rs 1,215 crore in the same quarter of the preceding fiscal.
The consolidated total income also fell to Rs 13,949 crore in Q1 FY22 against Rs 14,192 crore in Q1 FY21, Bajaj Finserv said in a regulatory filing. The consolidated figures of Bajaj Finserv include results of its wholly-owned subsidiaries Bajaj Finance Ltd (BFL), Bajaj Allianz General Insurance Company Ltd (BAGIC) and Bajaj Allianz Life Insurance Company Ltd (BALIC).
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As per the break-up, Bajaj Finance witnessed a 4.2 per cent rise in consolidated net profit at Rs 1,002 crore during the quarter. BAGIC reported an 8.4 per cent decline in net profit at Rs 362 crore, while BALIC’s net profit declined by 35.4 per cent to Rs 84 crore.
Bajaj Finserv said its loan losses and provisions for the quarter, including expected credit loss, were raised to Rs 1,750 crore as against Rs 1,686 crore in the year-ago period.
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