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ICICI Direct Report
Bajaj Finance Ltd. reported lower-than-expected earnings led by higher provisions and lower net interest income.
Loan losses and provisions for Q1 FY22 were at Rs 1750 crore against Rs 1,230 crore in Q4 FY21.
Bajaj Finance was holding a management overlay and macro provision of ~Rs 840 crore as of March 31, 2021. It has come down to Rs 483 crore in Q1 FY22.
Non performing asset provision coverage ratio was at 51% on stage-III assets, down from 58% QoQ and is ~174 basis points coverage on stage-I and II.
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