Bajaj Finserv Q4 results: Net profit up 20% at ₹2,118 crore, NII jumps 25%
Upstox
3 min read • Updated: April 26, 2024, 3:35 PM
Summary
Bajaj Finserv Q4 results: The board of Bajaj Finserv gave its nod for a dividend payout of ₹1 per share. The amount, after being cleared by shareholders at the upcoming AGM, will be dispatched by July 26-27, the company said.
Bajaj Finserv Q4 results: Bajaj Finserv, the Pune-headquartered financial services arm of Bajaj group, posted a net profit of ₹2,119 crore in the quarter ended March 2024, a regulatory filing showed on Friday, April 26.
This was higher by 20% as compared to the net profit of ₹1,769 crore logged in the year-ago period.
Sequentially, the net profit in Q4 FY24 marginally dipped by around 2% as compared to ₹2,158 crore in the preceding quarter ended December 2024.
Bajaj Finserv's net interest income (NII), which is the difference between the interest earned on loans and advances issued and the interest paid on deposits, increased by 25% year-on-year to ₹9,495 crore in Q4 FY24. In the year-ago quarter of Q4 FY23, the NII had stood at ₹7,589 crore.
Bajaj Finserv declares dividend
The board of Bajaj Finserv gave its nod for a dividend payout of ₹1 per share.
"In line with the company's dividend distribution policy, the board of directors have recommended a dividend of ₹1/- (100%) per equity share of face value of ₹1, for the financial year ended 31 March 2024," the exchange filing noted.
The said dividend, if approved by shareholders at the ensuing Annual General Meeting, will be paid on or about July 26-27, it added.
The total amount of dividend outgo would be ₹159.55 crore as compared to₹127.43 crore in the previous fiscal.
Bajaj Finserv FY24 results
For the financial year 2023-24, the company witnessed a 27% increase in profit to ₹8,148 crore, as against ₹6,417 crore in the previous fiscal.
The total consolidated income rose to ₹1,10,383 crore, as against ₹82,072 crore in the previous financial year.
Stake in finance, insurance businesses
Bajaj Finserv participates in the financing business through its 51.34% holding in Bajaj Finance Ltd and in the life, general, and health insurance businesses through its 74% holding in two unlisted subsidiaries - Bajaj Allianz General Insurance Company Ltd (BAGIC) and Bajaj Allianz Life Insurance Company Ltd (BALIC).
During the year, the general insurance arm posted a profit of ₹1,550 crore, as against ₹1,348 crore in the previous fiscal, up 15%.
As on March 31, 2024, solvency ratio was 349%, which is well above the minimum regulatory requirement of 150%.
The life insurance arm reported net new business value (NBV) of ₹1,061 crore, as against ₹950 crore in the previous year.
For life business, the solvency ratio stood at a healthy 432% as on March 31, 2024 as against the minimum regulatory requirement of 150%.
Bajaj Finserv shares
During the trading session on April 26, the company's stock traded in the red before and after the results were out. At 3:10 pm, the shares were valued at ₹1,598 apiece on the NSE, down 3.5% as against the previous day's close. Year-to-date, the shares have declined by 4.7%. However, the stock has gained by nearly 20% in the last one-year period.
With PTI inputs