The non-banking financial company (NBFC) reported 21.11% increase in consolidated net profit to Rs 3,824.53 crore on a 31.36% jump in total income to Rs 14,931.98 crore in Q4 FY24 as compared with Q4 FY23.
Profit before tax during the quarter stood at Rs 5,105 crore, up 20% from Rs 4,261 crore in Q4 FY23.
The company stated that it holds a management and macro-economic overlay of Rs 300 crore as of 31 March 2024.
Operating expenses climbed 24% YoY to Rs 3,302 crore in the fourth quarter of FY24.
Net interest income for Q4 FY24 grew 28% to Rs 8,013 crore from Rs 6,254 crore in Q4 FY23. Operating expenses to net total income for Q4 FY24 was 34% as against 34.2% in Q4 FY23.
Number of new loans booked during the quarter grew by 4% to 7.87 million as against 7.56 million in Q4 FY23.
Customer franchise stood at 83.64 million as of 31 March 2024 as compared to 69.14 million as of 31 March 2023, a growth of 21%. The NBFC’s customer franchise grew by 3.23 million in Q4 FY24.
Deposits book grew by 35% YoY and stood at Rs 60,151 crore as of 31 March 2024. In Q4, net deposit growth was Rs 2,143 crore. Deposits contributed to 21% of consolidated borrowings as of 31 March 2024.
Assets under management (AUM) grew by 34% Rs 330,615 crore as of 31 March 2024 from Rs 247,379 crore as of 31 March 2023.
On the asset quality front, gross NPA and net NPA as of 31 March 2024 stood at 0.85% and 0.37% respectively, as against 0.94% and 0.34% as of 31 March 2023. The company has provisioning coverage ratio of 57% on stage 3 assets.
Capital adequacy ratio (including Tier-II capital) as of 31 March 2024 was 22.52%. The Tier-I capital was 21.51%.
The NBFC's annualized return on average assets (ROA) and return on average equity (ROE) stood at 4.8% and 20.5%, respectively in the quarter ended 31 March 2024.
On full-year basis, the company’s net profit increased 25.58% to Rs 14,451.17 on 32.75% jump in total income to Rs 54,982.51 crore in FY24 over FY23.
Meanwhile, the board has recommended a dividend of Rs 36 per equity share for the financial year 2023-24, subject to approval of shareholders. The dividend will be credited/dispatched on or about 26 July 2024 or 27 July 2024 and the record date for the same has been fixed as 21 June 2024.
Bajaj Finance is engaged in lending and allied activities. It focuses on consumer lending, small and medium-sized enterprises (SME) lending, commercial lending, rural lending, fixed deposits and value-added services.