Bajaj Finance Limited’s (BFL) consolidated net profit rose by 21 per cent year-on-year (Y-o-Y) to Rs 3,825 crore in the quarter ended March 2023 (Q4 FY24) on healthy growth in net interest income (NII). The non-banking finance company had posted a net profit of Rs 3,158 crore in the same quarter a year ago.
Its stock closed 0.46 per cent down at Rs 7,293.90 a share on the Bombay Stock Exchange (BSE).
Its consolidated net profit for FY24 rose by 26 per cent to Rs 14,451 crore from Rs 11,508 crore in FY23, the company said in a statement.
The board of directors has recommended a dividend on equity shares at the rate of Rs 36 per share of face value of Rs two each for the financial year ended March 31, 2024.
Its assets under management (AUM) grew by 34 per cent Y-o-Y to Rs 3.30 trillion at the end of March 2024 from Rs 2.47 trillion as of March 2023.
The number of new loans booked grew by four per cent to 7.87 million in Q4 FY24 as against 7.56 million in Q4 FY23.
BFL said the new loans booked during the quarter were lower by approximately 0.80 million on account of the restrictions placed by the Reserve Bank of India (RBI) on the company, on sanction and disbursal of loans under ‘eCOM’ and ‘Insta EMI Card’. It has made the required changes in response to the regulatory restriction imposed by the Reserve Bank of India and formally requested RBI for a review and removal of these restrictions.
The total customer base expanded by 21 per cent Y-o-Y at 83.64 million as of March 31, 2023, compared to 69.14 million a year ago.
Its loan losses and provisions went up substantially to Rs 1,310 crore in Q4 FY24 as against Rs 859 crore in Q4 FY23. The company holds a management and macro-economic overlay of Rs 300 crore as of March 31, 2024.
Its asset quality profile improved with gross non-performing assets (GNPAs) declining to 0.85 per cent in March 2024 from 0.94 per cent a year ago. Net NPAs rose marginally to 0.37 per cent from 0.34 per cent in March 2023.
The firm’s capital adequacy ratio (CAR) stood at 22.52 per cent with Tier-I of 21.51 per cent as of March 31, 2024.
First Published: Apr 25 2024 | 7:03 PM IST