Tag: jumpinnetprofit

Bajaj Finance on Wednesday reported a 159% jump in consolidated net profit at Rs 2,596 crore for the quarter ending June 30, 2022, beating street estimates. It reported a consolidated net profit of Rs 1,002 crore in the year-ago period.Net interest income (NII) climbed by 48% to ₹6,638 crores in the quarter under review from ₹4,489 crores in Q1 of last year. New loans booked during the quarter grew by 60% to 74.2 lakh as against 46.3 lakh in the corresponding year-ago quarter. Customer franchise stood at 6.03 crore, registering a growth of 20 percent. The company recorded its highest ever quarterly increase in its customer franchise of 27.3 lakh in Q1FY23. The company's assets under management grew by 28% to Rs 2.04 trillion as of June 30, 2022. Loan losses and provisions for Q1FY23 were at Rs 755 crore as against Rs 1,750 crore in Q1FY22. The company holds a management and macro-economic overlay of Rs 1,000 crore, Bajaj Finance said. Read more

Private sector Karur Vysya Bank (KVB) on Friday reported an 81.4 per cent jump in its net profit at Rs 114.89 crore in the second quarter of FY 2020-21 due to lower provisioning for bad loans. The Bank had reported a net profit of Rs 63.33 crore in the corresponding year. Total income was down to Rs 1,666.26 crore in the July-September period of FY21 as against Rs 1,815.24 crore in the same quarter of 2019-20, KVB said in a regulatory filing. Interest income was down 9.3 per cent at Rs 1,394.70 crore from Rs 1,537.51 crore. The asset quality of the Bank was improved with the gross non-performing assets (NPAs) falling to 7.93 per cent of the gross advances at end September 2020 from 8.89 per cent a year ago. The provisions for bad loans and contingencies for Q2FY21 was brought down at Rs 284.73 crore from Rs 365.17 crore reserved a year ago. Bad loans were down at Rs 3,998.43 crore as against Rs 4,391.03 crore. Read more