Bajaj Finserv reports 34% increase in Q4 net profit at Rs 1,346 crore

Bajaj Finserv Ltd reports a 37 per cent jump in its consolidated net profit at Rs 1,346 crore for the fourth quarter ended in March 2022.

Bajaj Finserv Ltd on Thursday reported a 37 per cent jump in its consolidated net profit at Rs 1,346 crore for the fourth quarter ended in March 2022.

The company had posted a net profit of Rs 979 crore during the corresponding period of 2020-21.

The consolidated income during the March 2022 quarter increased to Rs 18,862 crore, as against Rs 15,387 crore in the corresponding period of the previous financial year, Bajaj Finserv said in statement.

The board has recommended a dividend of Rs 4 per share or 80 per cent on the face value of Rs 5 per unit. The total amount of dividend is Rs 64 crore as against Rs 48 crore last year, it said.

The profit after tax in 2021-22 rose to Rs 4,557 crore from Rs 4,470 crore in the year-ago period, it said.

Bajaj Finserv's consolidated total income was at a record of Rs 68,439 crore in 2021-22 compared to Rs 60,591 crore in the preceding fiscal.

The company's subsidiary Bajaj Finance Ltd recorded its highest ever assets under management and annual consolidated profit after tax in FY22.

Customer franchise stood at 57.57 million as of March 31, 2022 as compared to 48.57 million as of March 31, 2021 - an increase of 19 per cent. Customer franchise recorded the highest ever increase of 9.0 million in FY22, it said.

During the quarter, Bajaj Finance reported Rs 2,420 crore profit as compared to Rs 1,347 crore in the same period a year ago.