Bajaj Finance net down 30% to Rs 1,049 crore, forays into e-payments

With this app, Bajaj Finance will make an entry into the digital payments space

Consumer finance giant Bajaj Finance’s net profit fell 30 per cent to Rs 1,049 crore in October–December quarter (third quarter, or Q3) of 2020-21 (FY21), compared to Rs 1,488 crore in the corresponding period in 2019-20 (FY20), owing to a fall in net interest income and rise in provisions. But the company has said as loan-loss provisions, interest reversals, and cost of surplus liquidity normalise to pre-Covid levels by the first quarter of 2021-22 (FY22), its profitability will improve. The lender also said that it will foray into the payments space in the ongoing quarter.

Net interest income of the lender