Bajaj Finance on Tuesday recorded its highest ever consolidated net profit of Rs 2,420 crore in the three months ended March, boosted by strong consumer optimism. This is an increase of 80% above the previous year's number of Rs 1,347 crore, as per PTI reported.

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In the fiscal year ending March 2022, the Non-Banking Finance Company (NBFC) reported its highest ever consolidated profit after tax of Rs 7,028 crore, up 59 percent,  it said in a release.

The net profit for 2020-21 was Rs 4,420 crore.

According to PTI, in the March quarter, net interest income increased by 30% to Rs 6,068 crore. It increased by 27% to Rs 21,892 crore for the full year.

"Loan losses and provisions for Q4FY22 was Rs 702 crore as against Rs 1,231 crore. The company holds a management and macro-economic overlay of Rs 1,060 crore as of March 31, 2022," the release said.

Loan losses and provisions for the year was at Rs 4,803 crore as against Rs 5,969 crore in the year-ago period, said PTI.

In an investor presentation, the company said it was an excellent quarter across balance sheet growth, portfolio quality and profitability.

"Omnipresence agenda continued to accelerate in Q4. Overall, excited about FY23 prospects," it added.

As of March 31, 2022, the company's consolidated Assets Under Management (AUM) reached Rs 1,97,452 crore.

Across all lines of business, AUM grew at a steady pace in Q4.

On the asset quality front, gross and net non-performing assets were 1.60 percent and 0.68 percent, respectively, at the end of March 2022, down from 1.79 percent and 0.75 percent in March 2021, PTI said.

The board of directors of Bajaj Finance has recommended a dividend of Rs 20 per equity share for FY22.

(With the inputs of PTI)