NEW DELHI: Leading NBFC Bajaj Finance posted its highest-ever consolidated net profit of `2,420 crore in the fourth quarter of FY2022, up a whopping 80% from the year-ago quarter, aided by higher net interest income and lower provisions.
The company announced a dividend of Rs 20 per share. Consolidated results include those of wholly-owned subsidiaries Bajaj Housing Finance and BFinsec. The NBFC’s net interest income (NII) increased by 30% to Rs 6,068 crore from Rs 4659 crore and provisions declined to Rs 702 crore as compared to Rs 1231 crore a year ago, down 43%. The company holds management and macroeconomic overlay of Rs 1,060 crore at the end of FY22.
Gross NPA and net NPA at FY22-end were 1.6% and 0.68% as against 1.79% and 0.75%, respectively, at FY21-end. The capital adequacy ratio at FY22-end was 27.22%. New loans booked during the fiscal grew 46% to 24.68 mn against 16.88 mn in FY21. During the quarter, new loans booked were 6.28 mn as against 5.47 mn.
On a standalone basis, Bajaj Finance‘s AUM grew 27% to Rs 1.47 lakh crore in Q4 from Rs 1.15 lakh crore in the year-ago quarter. The share of Bajaj Finance closed up 3.36% at Rs 7240.55. The results were announced post-market hours.
The stock has support at Rs 7000 and faces stiff resistance at Rs 7500. The futures contract witnessed huge short covering on Tuesday prior to the results. The stock hit a 52-week high of Rs 8,050 on October 18 last year. The stock traded 10% below its yearly high on Tuesday.
HDFC Life Q4 net profit up 12% to Rs 358 crore
Mumbai: HDFC Life Insurance on Tuesday reported a 12.4% growth in net income at Rs 357.52 crore for the March quarter despite a fall in income, but a steep plunge in investment gains and Covid claims crimped the bottom line for the full year by 11% to Rs 1,208 crore. During the reporting quarter, total income fell to Rs 16,054.94 crore from Rs 19,191.32 crore a year ago, despite a rise in net premium income to Rs 14,289.66 crore from Rs 12,868.01 crore. Total premium during the year rose 19% to Rs 45,963 crore from Rs 38,583 crore.