Bajaj Finance Limited (BFL) has announced its financial results for the fourth quarter and fiscal year 2024, showcasing a robust performance. The company reported a consolidated profit after tax of ₹3,825 crore for Q4 FY24 and ₹14,451 crore for the entire fiscal year, representing substantial growth compared to the previous year.
One of the key highlights of the report is the significant expansion in BFL’s Consolidated Assets Under Management (AUM), which surged to ₹330,615 crore as of March 31, 2024, indicating a remarkable 34 per cent increase compared to the previous year. This growth underscores the company’s strong market presence and its ability to attract and manage diverse loan portfolios.
The number of new loans booked also saw a notable increase, growing by 4 per cent in Q4 FY24 to reach 7.87 million loans. For the full fiscal year, new loans booked witnessed a substantial 22 per cent increase, totaling 36.20 million loans. This growth reflects BFL’s continued focus on expanding its lending activities and catering to the diverse financing needs of its customers.
BFL’s customer franchise expanded significantly, reaching 83.64 million as of March 31, 2024, showcasing a robust 21 per cent growth compared to the previous year. This expansion highlights the company’s success in attracting and retaining customers, underscoring its strong brand reputation and customer-centric approach.
The company also reported a healthy asset quality, with Gross Non-Performing Assets (NPA) and Net NPA standing at 0.85 per cent and 0.37 per cent respectively as of March 31, 2024. Additionally, BFL maintained a provisioning coverage ratio of 57 per cent on stage 3 assets, reflecting its proactive approach towards managing credit risks and maintaining asset quality.
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BFL continues to enjoy the highest credit ratings, with AAA/Stable for its long-term debt programme and A1+ for short-term debt programme from major credit rating agencies. These ratings reaffirm the company’s strong financial position and its ability to meet its financial obligations effectively.
