Bajaj Finance reports record consolidated PAT at Rs 2,420 cr in Q4, declares dividend

Bajaj Finance on Tuesday reported highest ever consolidated net profit at Rs 2,420 crore for the quarter ended 31 March, 2022, an 80 per cent surge year-on-year. The company had reported a net profit of Rs 1,346 crore in the year-ago period. The consolidated results also include the results of its wholly-owned subsidiaries viz. Bajaj Housing Finance Limited (BHFL) and Bajaj Financial Securities Limited (BFinsec).

Revenue from operations jumped 22 per cent to Rs 7,366 crore in the quarter under review from Rs 6,034 crore in the same quarter last fiscal. 

Bajaj Finance also reported highest-ever consolidated PAT at Rs 7,028 crore for the year ended 31 March 2022.

Further, the company's Board of Directors also approved dividend of Rs 20 per equity share of face value of Rs 2 for FY22.

The company's assets under management came at record Rs 197,452 crore including IPO financing receivables of Rs 5,365 crore), up 29 per cent YoY from Rs 152,947 crore in Q4FY21, it said in a regulatory filing. Core AUM growth came in at Rs10,837 crore.

Bajaj Finance's net interest income (NII) increased 30 per cent to Rs 6,068 crore from Rs 4,659 crore in Q4FY21. Its total operating expenses to net interest income was 34.6 per cent as against 34.5 per cent in the same quarter last fiscal. 

Loan losses and provisions came at 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 31 March 2022, it added. 

Further, assets quality improved in March quarter with gross non-performing assets (NPA) and net NPA as of 31 March 2022 standing at 1.60 per cent and 0.68 per cent, respectively, as against 1.79 per cent and 0.75 per cent as of 31 March 2021. 

The company has provisioning coverage ratio of 58 per cent on stage 3 assets and 134 bps on stage 1 and 2 assets as of 31 March 2022.

On 15 February 2022, RBI allowed deferment till 30 September 2022 its earlier circular dated 12 November 2021 pertaining to upgradation of NPA accounts only on receipt of entire overdue of the customer. As a matter of prudence, the company has not opted for this deferment, it noted.

Shares of Bajaj Finance on Tuesday closed 3.31 per cent higher at Rs 7,240.70 apiece on BSE.