MUMBAI: The largest non-banking lender Bajaj Finance on Thursday reported a full 21 percent growth in its consolidated net profit at Rs 3,825 crore for the March quarter as against Rs 3,158 crore a year.
The Pune-based company also declared Rs 36 per share of face value of Rs 2 in annual dividends.
Consolidated numbers include the businesses of its subsidiaries, Bajaj Housing Finance and Bajaj Financial Securities. Bajaj Finance is the largest of the financial services verticals of the Bajaj group and is under the holding company Bajaj Finserv which is a publicly traded entity.
Assets under management grew 34 percent to Rs 3,30,615 crore from Rs 2,47,379 crore as of March 2023, and the same grew by Rs 19,647 crore in the reporting quarter.
Net interest income increased 29 percent to Rs 7,340 crore from Rs 5,669 crore taking the total income up 25 percent to Rs 8,904 crore from Rs 7,105 crore. Loan losses and provisions for the quarter was Rs 1,278 crore, massively up from Rs 803 crore a year ago.
For the full fiscal, net interest income rose 29 percent to Rs 26,940 crore from Rs 20,857 crore in FY23 and total income rose 25 percent Rs 33,103 crore from Rs 26,405 crore in FY23 from which it earned Rs 12,644 crore, which was more than 23 percent over Rs 10,290 crore it had earned in FY23.
In a statement, the company also said it has made the required changes in response to the regulatory curbs imposed by the Reserve Bank, on new loan sanctions and disbursals under 'eCcom' and 'lnsta EMI card'. The company has formally requested the regulator for a review and removal of these restrictions.
