On Tuesday, Bajaj Finance announced a 19.38% year-on-year loss in the net profit at Rs 948.10 crore for the quarter ended March 31.
The company made provisions of Rs 1,954 crore in Q4FY20 against Rs 409 crore in Q4 FY19.
“During the quarter, the company has taken an accelerated charge of Rs 390 crore for two identified large accounts, an additional provision of Rs 129 crore on account of recalibration of its ECL model and a contingency provision of Rs 900 crore for Covid-19. Adjusted for these additional provisions of Rs 1,419 crore, loan losses and provisions for Q4FY20 was Rs 535 crore,” Bajaj Finance said in a release.
The company said that it has lost 10 productive days in Q4FY20 due to the coronavirus pandemic and the consequent lockdown.This resulted in lower acquisition of nearly 1 million loan accounts and lower assets under management of around Rs 4,500 crore.
New loans booked during the quarter increased by 3 per cent YoY to Rs 60.3 lakh.