Rahul Bajaj will step down as chairman of Bajaj Finance at the end of July

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(Commercial Representative) Mumbai, Ta. 21 July 2020, Tuesday

Bajaj Finance Ltd, the country's leading finance company, posted a net profit of Rs 3.7 crore for the first quarter ended June 30, 2020, down 19.20 per cent year-on-year. It was Rs 114.5 crore in the same period last year. The company's AUM-asset under management rose seven per cent to Rs 1,2,08 crore. Rahul Bajaj, the current chairman of Bajaj Finance, has decided to resign at the end of this month, the company said in a statement.

The company's consolidated moratorium book stood at Rs 31,606 crore (12.5 per cent of AUM). Which was 9 per cent of the AUM as on April 30, 2020, i.e. Rs 4.5 crore. The company has made an additional contingency provision of Rs 150 crore for Covid-15 this quarter. With this, the total contingency provision has become Rs 30 crore as on June 30, 2020. The company has a liquid surplus of Rs 12,600 crore.

The company's total non-performing assets (NPAs) fell to 1.50 per cent from 1.50 per cent at the end of June 2060 and net NPAs fell to 0.50 per cent from 0.7 per cent. The company's new loan book fell 3 per cent to Rs 12.5 lakh in the first quarter. It was 4.5 lakh in the same period last year.

Rahul Bajaj has been the non-executive chairman of Bajaj Finance since the beginning of the year 19 and has been the chairman of the group for five decades. According to a Bajaj Finance list, he has decided to step down as chairman on July 31, 2020.

He will be replaced by his son and current vice chairman of the company Sanjeev Bajaj, who will be the chairman from August 1, 2020. He has been the Chairman of Bajaj Alliance Life Insurance Company and Bajaj Alliance General Insurance Company since 2012. Sanjeev is also the Managing Director of Bajaj Bajaj Holdings and Investments.

Bajaj Finserv Ltd, another Bajaj Group company, posted a net profit of 5% to Rs 1,412 crore for the quarter ended June 30, 2020. The company's total revenue rose 18 per cent to Rs 12,17 crore. Bajaj Finserv is a holding company for various financial services businesses under the Bajaj Group.


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