NBFC major Bajaj Finance reported a 21% year-on-year rise in consolidated net profit at ₹3,825 crore in Q4FY24. The NBFC's consolidated net interest income (NII) rose 28% year-on-year to ₹8,013 crore.

The number of new loans booked rose 4% to 7.87 million in Q4FY24 from 7.56 million in Q4FY23, although Bajaj Finance says the number fell by 0 in the wake of recent RBI restrictions .80 million was lower.

“New loans booked during the quarter declined by around 0.80 crore due to restrictions imposed by RBI on the company on sanctioning and disbursement of loans under 'eCOM' and 'lnsta EMI Card',” Bajaj said Finance in a stock exchange filing.

In November 2023, the RBI directed Bajaj Finance to stop sanctioning and disbursing loans under its two loan products 'eCOM' and 'Insta EMI Card'. The action was taken because “material statements of fact were not provided to borrowers under these two loan products and there were deficiencies in the material statements of fact made with respect to other digital loans approved by the company.”

For the full fiscal, Bajaj Finance's profit rose 26% to ₹14,451 crore from ₹11,508 crore in FY23. NII rose 29% to ₹29,582 crore in FY24 from ₹22,989 crore in FY23.

The company's net NPA stood at 0.37% as on March 31, 2024 as against 0.34% as on March 31, 2023. AUM increased by 34% to ₹ 3,30,615 crore as on March 31, 2024, from ₹ 2.47. 379 Crore per year -Previous period; Assets under management increased by ₹19,647 crore in the fourth quarter of FY2024.

Customer base as of March 31, 2024 was 83.64 million compared to 69.14 million in the same period last year, an increase of 21%. In the fourth quarter, it grew by 3.23 million.

Bajaj Finance's board recommended a dividend of ₹36 per share with a face value of ₹2 for FY24 as against ₹30 per share in the previous year.

On a standalone basis, Bajaj Finance's Q4FY24 net profit stood at ₹3,402 crore, up 20% YoY, while NII rose 29% YoY to ₹7,340 crore.

Bajaj Housing Finance Ltd's net profit stood at ₹381 crore in the fourth quarter, up 26% from ₹302 crore in the year-ago period. The NII of Bajaj Finance's housing finance arm rose 11% YoY to ₹629 crore.

Bajaj Financial Securities' fourth quarter profit was ₹22 crore as against ₹3 crore in the year-ago period and NII was at ₹38 crore as against ₹13 crore in the year-ago period.

The Company's 37th Annual General Meeting will be held on Tuesday, July 23, 2024. In addition, on the recommendation of the Nomination and Remuneration Committee, the Board recommended the appointment of Tarun Bajaj as an Independent Director for five years from August 1, 2024.

Shares of Bajaj Finance fell nearly 0.46% to ₹7,293.90 on the BSE on Thursday even as the benchmark Sensex gained 0.66%.