Bajaj Finance Q2 net profit drops to ₹965 crore

Bajaj Finance today revealed a dunk in net profit its September quarter as the moneylender nearly tripled arrangements for bad loans as the Covid-19 pandemic affected interest for credit and borrowers’ capacity to repay. Net profit tumbled to ₹965 crore when contrasted with the ₹1,506 crore in the previous year period. Loan losses and arrangements for second quarter ended September 30, 2020, was ₹1,700 crore as against ₹594 crore in Q2 FY20. Consolidated Assets under administration rose to ₹137,090 crore when contrasted with ₹135,533 crore in the previous year period.