November 23, 2024 00:21 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
UK can arrest Benjamin Netanyahu if he visits country based on ICC warrant | Centre to send over 10,000 additional soldiers to violence-hit Manipur amid fresh violence | Chhattisgarh: 10 Maoists killed during encounter with security forces in Sukma | Baba Siddique murder case: Arrested Akashdeep Gill used a labourer's hotspot to evade tracking, say police | Donald Trump picks 'smart and tough' Pam Bondi as new US Attorney General after Matt Gaetz withdraws
Bajaj Finserv Q1FY24 net profit grows 24% to Rs 1,929 cr
Bajaj Finserv
Photo courtesy: UNI

Bajaj Finserv Q1FY24 net profit grows 24% to Rs 1,929 cr

| @indiablooms | 28 Oct 2023, 12:39 am

Mumbai: NBFC Bajaj Finserv posted a consolidated net profit of Rs 1,929 crore, marking a 24% increase compared to the previous year's earnings of Rs 1,557 crore.

The company's revenue from operations also demonstrated substantial growth, surging by 25% to reach Rs 26,023 crore, as opposed to the previous year's Rs 20,803 crore.

In the second quarter, Bajaj Finance, wherein Bajaj Finserv holds a substantial 52.4% stake, delivered an impressive 28% growth in its consolidated net profit, amounting to Rs 3,551 crore.

This notable performance was attributed to robust growth in assets under management (AUM), increased net interest income, and improved asset performance. As of September 30, 2023, Bajaj Finance's AUM reached Rs 2.9 lakh crore, reflecting a substantial 33% increase, including an AUM of Rs 81,215 crore from BHFL.

Bajaj Allianz General Insurance, the general insurance subsidiary, reported a remarkable 39% growth in net profit for the September 2023 quarter, totalling Rs 468 crore. The gross written premium for the quarter witnessed a substantial 53% rise, reaching Rs 7,298 crore.

Excluding tender-driven crop and government health insurance premiums, Bajaj Allianz's gross written premium increased by 21%, amounting to Rs 3,747 crore. The net premium earned during this period was Rs 2,250 crore, a notable increase from Rs 1,852 crore the previous year.

The claim ratio experienced a slight increase to 78% in the second quarter, primarily due to a higher mix of crop and government health business and increased claims arising from heavy rains and cyclone-related incidents.

In a turnaround, the underwriting profit for the quarter amounted to Rs 37 crore, compared to a loss of Rs 18 crore in the second quarter.

Bajaj Allianz Life Insurance achieved a 21% growth in profit after tax during the second quarter, reaching Rs 193 crore. The gross written premium for the same period increased by 28% to Rs 5,338 crore.

The New Business Value (NBV), a key metric for measuring the profitability of the life insurance business, surged by 25% to Rs 237 crore in the second quarter.

Notably, the solvency ratio remained robust at 466% as of September 30, 2023, well above the minimum regulatory requirement of 150%. On Friday, Bajaj Finserv shares were trading at a 1.56% higher value of Rs 1,584.30 on NSE.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.