Bajaj Finserv Q3 profit jumps 21% to ₹2,157.67 crore

30 Jan 2024 , 02:49 AM

On January 30, Bajaj Finserv revealed that its consolidated net profit for the third quarter of the current financial year increased by 21.08 % year over year to ₹2,157.67 crore.

This followed a period of robust expansion for Bajaj Finance Ltd. Consolidated overall income for the company increased by 33% year over year to ₹29,038 crore.

The company’s interest income increased 33.5 % year over year to ₹13,922.38 crore in the reporting quarter. In the October–December quarter, the company’s premium and operational income from the insurance business increased to ₹12,308.62 crore from ₹9,102.50 crore during the same period last year.

A day earlier, Bajaj Finserv subsidiary Bajaj Finance announced a combined net profit for the December quarter of ₹3,638.95 crore, up 22.4 % from the year before.

In Q3FY24, Bajaj Finance had the highest-ever quarterly rise in the number of new loans booked at 9.86 million and the customer franchise at 3.85 million.

Bajaj Housing Finance Ltd., a fully owned subsidiary of Bajaj Finance, reported an increase in profit after taxes of 31%. In Q3FY24, Bajaj Finance’s consolidated assets under management also achieved a significant milestone of ₹3 lakh crore.

A 19% increase in gross written premium was reported by Bajaj Allianz General Insurance Company (BAGIC); growth was robust at 20% when bulky, tender-driven crop and government health business were excluded. According to the statement, despite multiple natural disasters (NATCAT) during the quarter, it managed to maintain an exceptional combined ratio.

BAGIC’s net earned premium climbed to ₹2,358 crore for Q3FY24 from ₹2,086 crore in Q3FY23, a 13% increase.

During the quarter, Bajaj Allianz Life Insurance Company (BALIC) had growth in net new business value of 20 % and individual rated new business premium growth of 24 %, both above the market. In Q3FY24, its assets under management also achieved a significant milestone of ₹ 1 lakh crore.

With a 31 % rise, the renewal premium for Q3FY24 was ₹2,903 crore as opposed to ₹2,215 crore in Q3FY23.

Bajaj Finserv was down 2.35 % from the previous closing when it was trading at ₹ 1,598.40 on the National Stock Exchange at 1:41 PM.

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