Bajaj Finance posts higher profit on loan growth, lower provisions

BENGALURU: India’s Bajaj Finance posted a 22% rise in fourth-quarter profit on Wednesday, helped by lower bad loan provisions and steady loan growth. The non-banking financial company’s consolidated net profit rose to 54. 65 billion rupees for the quarter ended March 31, largely in line with analysts’ estimate of 54. 9 billion rupees, per data compiled by LSEG. The company, India’s largest non-bank lender by market value, has been grappling with elevated bad loans, particularly in its micro, small and medium enterprises (MSME) segment, saw its provisions drop as it adopted a more cautious lending approach to riskier segments. Bajaj Housing Finance posts 14% profit rise, margins under pressure Bajaj Finance’s loan losses and provisions fell to 20. 08 billion rupees compared to 21. 67 billion rupees a year earlier. It reported a 22% year-on-year rise in asset under management for the fourth quarter, with new loan bookings up 20. 5%, the company said earlier this month.

Read full story on Business Recorder