Bajaj Finserv net profit grows 31 pc to Rs 1,769 cr in fourth quarter

Pune (Maharashtra) [India], April 28 : Bajaj Finserv has posted a 31 per cent jump in its net profit to Rs 1,769 crore for the quarter ended March 31, 2023, against Rs 1,364 crore in the year-ago period.

Total revenues went up 25 per cent to Rs 23,625 crore, against Rs 18,862 crore in the corresponding period the previous year.

Bajaj Finserv in a statement shared with exchanges on Thursday evening said it remains a debt-free company. Bajaj Finserv's surplus funds (excluding group investments) stood at Rs 1,709 crore as on March 31, 2023.

Bajaj Finserv also said its total income went up 32 per cent to Rs 11,363 crore in the reviewed quarter, against Rs 8,629 crore in the year-ago period. It said capital adequacy stands at 24.97 per cent as of March 31, 2023, against 27.22 per cent as of March 31, 2022.

The company's profit after tax jumped 64 per cent to Rs 11,508 in fiscal FY23, against Rs 7,028 crore during FY22. Total income rose 31 to Rs 41,406 crore, against Rs 31,648 crore in FY22. It said it acquired 30.9 lakh new customers in Q4 FY23, against 22.1 lakh in Q4 FY22. Net Interest Income (NII) for Q4 FY23 was Rs. 7,771 crore, against Rs 6,061 crore in Q4 FY22.

Gross non-performing asset (GNPA) and net non-performing asset (NNPA) stood at 0.94 per cent and 0.34 per cent as of March 31, 2023, as against 1.6 per cent and 0.68 per cent as of March 31, 2022.

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