Bajaj Finserv Limited, a leading financial services company in India, has announced its financial results for Q4 and FY23. The company has recommended a dividend of ₹0.80 per share – an 80% increase from the previous year’s dividend of ₹0.44 per share.
The total dividend amount is ₹127.43 crore, which is double the previous year’s dividend payment due to the 1:1 bonus issued in September 2022.
Despite inflationary pressure in FY23, Bajaj Finserv reported the highest-ever yearly consolidated profit after tax of ₹11,508 crore, representing a 64% increase from the previous year.
The company’s customer franchise stood at 69.14 million as of 31 March 2023, an increase of 20% from the previous year. Its wholly owned subsidiary, BHFL, recorded a 77% increase in profit after tax to ₹1,258 crore.
Bajaj Finserv’s subsidiary, Bajaj Finance Limited (BFL), recorded a consolidated profit after tax of ₹3,158 crore for Q4 FY23, a 30% increase from the previous year. BFL’s AUM as of 31 March 2023 was ₹247,379 crore, a 25% increase from the previous year. Its mortgage subsidiary, BHFL, recorded a profit after tax of ₹302 crores, a 53% increase from the previous year.
Bajaj Allianz General Insurance Company (BAGIC) maintained underwriting discipline, registering its highest-ever gross written premium of ₹15,487 crore and profit after tax of ₹1,348 crore. Bajaj Allianz Life Insurance Company (BALIC) recorded 41% growth in individual-rated new business premiums and recorded its highest-ever gross written premium of ₹19,462 crores and 53% growth in new business value to ₹950 crores.
Bajaj Finserv’s consolidated total income for FY23 was ₹82,072 crore, a 20% increase from the previous year. The company’s consolidated profit after tax for FY23 was ₹6,417 crore, a 41% increase from the previous year.
