Bajaj Finance Q2 profit down 36% to Rs 877 crore on increased provisioning

Bajaj Finance’s standalone net profit for the second quarter ended September 30 (Q2FY21) declined 36 per cent to Rs 877 crore, from Rs 1,377 crore in the corresponding period last financial year, because of the rise in loan loss provisions.

Its net interest income (NII) was up 5 per cent to Rs 3,922 crore in Q2FY21, against Rs 3,746 crore in Q2FY20.

Its fees, commission, and other income declined 8 per cent to Rs 600 crore, from Rs 652 crore a year ago.

The Pune-headquartered company said new loans booked during the second quarter dropped 44 per cent to 3.61 million, against 6.45