Bajaj Finance consolidated net jumps 80% to Rs 2,420 cr

Net interest income in the January-March quarter rose 30 per cent to Rs 6,068 crore

Buoyed by healthy consumer sentiments, Bajaj Finance on Tuesday reported its highest ever consolidated net profit at Rs 2,420 crore in the three months ended March.

The figure is 80 per cent higher compared to Rs 1,347 crore posted in the year-ago period.

The Non-Banking Finance Company (NBFC) also posted its highest ever consolidated profit after tax at Rs 7,028 crore for the fiscal ended March 2022, up 59 per cent, it said in a release.

In 2020-21, the net profit was at Rs 4,420 crore.

The net interest income in the latest March quarter rose 30 per cent to Rs 6,068 crore. For the full year, it was up 27 per cent at Rs 21,892 crore.

"Loan losses and provisions for Q4FY22 was Rs 702 crore as against Rs 1,231 crore. The company holds a management and macro-economic overlay of Rs 1,060 crore as of March 31, 2022," the release said.

Loan losses and provisions for the year was at Rs 4,803 crore as against Rs 5,969 crore in the year-ago period.

In an investor presentation, the company said it was an excellent quarter across balance sheet growth, portfolio quality and profitability.

"Omnipresence agenda continued to accelerate in Q4. Overall, excited about FY23 prospects," it added.

The company's consolidated Assets Under Management (AUM) stood at Rs 1,97,452 crore as of March 31, 2022.

In Q4, AUM growth was secular across all lines of businesses.

On the asset quality front, the gross and net non-performing assets at the end of March 2022 stood at 1.60 per cent and 0.68 per cent respectively, down from 1.79 per cent and 0.75 per cent as on March 2021.

Bajaj Finance said its board of directors has recommended a dividend of Rs 20 per equity share for FY22.