Bajaj Finserv Ltd (BFL) on Wednesday reported a 31 per cent jump in its consolidated net profit at Rs 1,769 crore for the fourth quarter ended in March 2023.

The company had posted a net profit of Rs 1,346 crore during the corresponding January-March period of 2021-22.

The total consolidated income during the March 2023 quarter increased to Rs 23,625 crore, as against Rs 18,862 crore in the corresponding period of the previous financial year, BFL, the holding company for the various financial services businesses under the Bajaj group, said in a regulatory filing.

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The board recommended a dividend of Rs 0.80 per share or 80 per cent on face value of Re 1. The total amount of dividend is Rs 127.43 crore as compared to Rs 63.65 crore.

For the financial year 2022-23, the company witnessed 41 per cent increase in profit at Rs 6,417 crore, as against Rs 4,557 crore in the previous fiscal.

The total consolidated income rose to Rs 82,072 crore, as against Rs 68,439 crore in the previous financial year.

“With Covid-19 threat having waned, there was significant increase in vehicles on the road and non-Covid treatments which had been postponed earlier, resulting in higher frequency of claims for the general insurance sector. In this environment of higher interest rates and insurance claims, our companies continued to do well,” it said.

During the year, the general insurance arm posted a profit of Rs 1,348 crore, as against Rs 1,339 crore in the previous fiscal.

As on March 31, 2023, solvency ratio was 391 per cent, which is well above the minimum regulatory requirement of 150 per cent.

The life insurance arm reported net new business value (NBV) of Rs 950 crore, as against Rs 621 crore in the previous year.