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Bajaj Finance has reported an increase of 43 per cent in its net profit at Rs 449 crore for the March quarter. The company had made a net profit of Rs 315 crore during the January-March quarter of 2015-16. Total income during the quarter rose by 38 per cent to Rs 2,673 crore from Rs 1,943 crore in the year-ago period, it said in a release. Bajaj Finance had loan losses and provisions to the tune of Rs 290 crore for the quarter as against Rs 156 crore a year ago. "The company continued to strengthen its provisioning policy.
During the quarter, the company took an additional charge of Rs 70 crore on account of demonetisation and non- recurring provisions. Adjusted for this additional charge, loan losses and provision was Rs 220 crore," it said. For full year 2016-17, net profit was up 44 per cent to Rs 1,837 crore from Rs 1,279 crore in 2015-16. Income during the year increased by 36 per cent to Rs 10,003 crore as against Rs 7,333 crore a year earlier. Assets under management as on March 31, 2017 were up 36 per cent to Rs 60,194 crore from Rs 44,229 crore a year ago. The gross and net non-performing assets, as percentage of gross and net advances, as on March 31 stood at 1.68 per cent and 0.44 per cent, respectively. The board of directors has recommended dividend of Rs 3.60 per share 2016-17. Stock of the company closed 1.59 per cent down at Rs 1,322.80 on BSE.