The diversified NBFC's consolidated net profit surged 80% to Rs 2,419.51 crore on 25.90% increase in total income to Rs 8,630.28 crore in Q4 March 2022 over Q4 March 2021.
The company said it reported highest ever consolidated profit after tax in Q4 March 2022. Profit before tax (PBT) jumped 79.17% year-on-year to Rs 3,265.49 crore in Q4 March 2022.The company's net interest income (NII) for the March quarter increased by 30% to Rs 6,068 crore from Rs 4,659 crore in the year ago quarter. New loans booked grew by 15% to 6.28 million as against 5.47 million in the same quarter last year.
The firm reported highest ever consolidated assets under management (AUM) as on 31 March 2022. The AUM grew by 29% to Rs 1,97,452 crore (including IPO financing receivables of Rs 5,365 crore) as of 31 March 2022 from Rs 1,52,947 crore as of 31 March 2021. Core AUM growth in Q4FY22 was Rs 10,837 crore.
Deposits book grew by 19% YoY to Rs 30,800 crore as of 31 March 2022. Its contribution to consolidated borrowings stood at 19% as of 31 March 2022. The company has created a deposits V2 plan to grow deposits book significantly over the next three years.
Loan losses and provisions for the quarter was Rs 702 crore as against Rs 1,231 crore in Q4 FY21, the company said. In Q4, loan loss to average receivables was 0.38%. On a quarterly basis this metric is now better than pre-covid levels. The company holds a management and macro-economic overlay of Rs 1,060 crore as of March-end.
Gross NPA (non-performing assets) and Net NPA stood at 1.60% and 0.68% respectively, as against 1.79% and 0.75% as of 31 March 2021. The company has provisioning coverage ratio of 58% on stage 3 assets and 134 bps on stage 1 and 2 assets as of 31 March 2022.
"Omnipresence agenda continued to accelerate in Q4. Overall, excited about FY23 prospects," it said in a release.
Overall stage 2 assets stood at Rs 3,861 crore as of 31 March 2022, as against Rs 5,299 crore as of 31 December 2021. Overall stage 3 assets stood at Rs 3,133 crore as of 31 March 2022, as against Rs 3,108 crore as of 31 December 2021. This includes one large B2B commercial account of Rs 393 crore which has moved to Stage 3 in Q4 FY22.
Capital adequacy remained strong at 27.22% as of 31 March 2022. Tier-1 capital was 24.75%.
The company's profit after tax for FY22 increased by 59% to Rs 7,028 crore from Rs 4,420 in FY21. Net interest income for FY22 increased by 27% to Rs 21,892 crore from Rs 17,269 crore in FY21.
The board recommended a dividend of Rs 20 per share. The record date for the payment of dividend is 1 July 2022.
Bajaj Finance, the lending arm of Bajaj Finserv, is a diversified NBFCs, catering to more than 50 million customers across the country. Headquartered in Pune, the company's product offering includes consumer durable loans. Lifestyle finance, digital product finance, personal loans, loan against property. Small business loans, wallet, co-branded credit cards, two-wheeler and three-wheeler loans, commercial lending/SME loans. Loan against securities and rural finance which includes gold loans and vehicle refinancing loans along with fixed deposits.
Shares of Bajaj Finance were down 4.39% at Rs 6922.85 on the BSE. The stock jumped 3.31% in the previous session.
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