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06.07.2020 / 17:01

Bajaj Finance says it may take more covid-19 provisions

₹900 crore as provisions for covid-19, leading to a 19.4%% year-on-year (y-o-y) decline in consolidated net profit at ₹948.1 crore.“Assets under management (AUM) under moratorium have reduced from 27% as of 30 April 2020 to approximately 15.5% as of 30 June 2020," it said.The lender also said on Monday that that new loans booked in the first three months of FY21 declined 77% on a year-on-year (y-o-y) basis to 1.7 million. While the company is yet to declare its June quarter results, it said that assets under management (AUM) stood at approximately ₹1.38 trillion as on 30 June 2020 as compared to ₹1.28 trillion as on 30 June 2019.

India covid-19 2020 pandemic consequences

As EMIs get quarantined by covid-19, Bajaj Finance hopes for sunshine

Indians are not able to shop like they used to and worry that they won’t be able to repay the loans they took to shop before the lockdown. It shouldn’t come as a surprise that Bajaj Finance, a lender whose mainstay business is to make Indians spend more through convenient equated monthly instalments (EMI), has suffered immensely.

India virus covid-19 outbreak quarantine

COVID-19

United States	Cases: 46 252 513 Deaths: 750 423 Recovered: 0
India	Cases: 34 321 025 Deaths: 459 652 Recovered: 0
Brazil	Cases: 21 835 785 Deaths: 608 235 Recovered: 0
United Kingdom	Cases: 9 215 683 Deaths: 141 607 Recovered: 0
Russia	Cases: 8 494 589 Deaths: 237 619 Recovered: 0

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