Bajaj Finance Q4 Results FY2023, Net profit at Rs. 3,158 crores
On 26th April, Bajaj Finance announced its results for the last quarter of FY2023.
Bajaj Finance Financial Highlights:
- In Q4FY23, Net interest income (NII) grew by 28% to Rs. 7,771 crore as against Rs. 6,061 crore in Q4 FY22. Net Interest Income for FY23 was up by 32% to Rs. 28,846 crore as against Rs. 21,894 crore in FY22.
- In Q4FY23, Opex to NII improved to 34.1% versus 34.5% in Q4 FY22. Opex to NII for FY23 was 35.1% as against 34.7% in FY22.
- Consolidated profit before tax grew by 31% to Rs. 4,261 crores in Q4 FY23 as against Rs. 3,265 crores in Q4 FY22. Profit before tax for FY23 grew 63% to Rs. 15,528 crore as against Rs. 9,504 crores in FY22.
- Consolidated profit after tax grew by 30% to Rs. 3,158 crore in Q4 FY23 as against Rs. 2,420 crore in Q4 FY22. Profit after tax for FY23 grew 64% to Rs. 11,508 crores as against Rs. 7,028 crores in FY22
- In Q4, the Company delivered annualized ROA of 5.40% as against 5.29% in Q4 FY22.
- In Q4, the Company delivered annualized ROE of 23.94% as against 22.80% in Q4 FY22.
Bajaj Finance Asset Under Management:
- Highest ever quarterly AUM growth of Rs. 16,537 crores in FY23. In FY23, the Company added Rs. 55,292 crores of core AUM.
- Core AUM was up 29% at Rs. 2,47,379 crore as against Rs. 1,92,087 crore as of 31 March 2022. In FY23, AUM composition remained steady.
Bajaj Finance Business Highlights:
- In Q4, new loans booked were up 20% to 7.56 MM as against 6.28 MM in Q4 FY22. In FY23, the Company booked the highest-ever new loans of 29.58 MM as compared to 24.68 MM in FY22, registering a growth of 20%.
- In Q4, B2B disbursements were up 21% at Rs. 15,917 crore as against Rs. 13,187 crore in Q4 FY22. So far, April is tracking strong.
- In Q4, the Company added 3.09 MM new customers to the franchise. Highest ever customer franchise addition of 11.57 MM in FY23. Confident of adding 11-12 MM new customers in FY24.
- Customer franchise stood at 69.14 MM as of 31 March 2023. Cross-sell franchise stood at 40.56 MM.
- In Q4, the Company added 19 new locations and added 10.8K distribution points. Geographic presence stood at 3,733 locations and over 154K active distribution points as of 31 March 2023. The Company added 229 new locations in FY23. Adding 150 new locations and over 300 standalone gold loan branches in Q1 FY24.
- Liquidity buffer stood at Rs. 11,852 crore as of 31 March 2023.
- In Q4, cost of funds was 7.39%, an increase of 25 bps over Q3 FY23. Given strong ALM management and diversified balance sheet profile, there was no impact of interest rate hikes on NIM in FY23.
- Deposits book grew by 45% YoY and stood at Rs. 44,666 crores as of 31 March 2023. In Q4, net deposit growth was Rs. 1,682 crore. Deposits contributed to 21% of consolidated borrowings as of 31 March 2023.
- In Q4, loan losses and provisions were Rs. 859 crores. The Company holds a management and macro-economic overlay of Rs. 960 crore as of 31 March 2023.
- GNPA & NNPA stood at 0.94% and 0.34% as of 31 March 2023 as against 1.60% and 0.68% as of 31 March 2022.
- Stage 3 assets stood at Rs. 2,313 crore as of 31 March 2023 as against Rs. 3,133 crore as of 31 March 2022.
- Total geographic footprint stood at 3,733 locations and 1,54,650+ distribution points. The Company added 19 new locations and 10,750+ distribution points in Q4 FY23. The Company added 229 new locations in FY23. Adding 150 new locations in Q1 FY24.
- The Board of Directors has recommended a dividend of Rs. 30 per equity share of the face value of Rs. 2 (1500%) for FY23. This amounts to 17.65% of standalone profit for FY23 and is in line with the Company’s dividend distribution policy.
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About the Author
DisclaimerInvestment/Trading is subject to market risk, past performance doesn’t guarantee future performance. The risk of trading/investment loss in securities markets can be substantial. Also, the above report is compiled from data available on public platforms.
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