Bajaj Finserv Q4 results: Net profit rises 20% to Rs 2,119 cr

bajaj finserv

Bajaj Finserv Ltd on April 26 reported a 20 percent on-year rise in consolidated net profit at Rs 2,119 crore for the fourth quarter of the financial year 2023-24, on the back of strong growth clocked by Bajaj Finance Ltd.

The company's total consolidated income rose 35.6 percent on-year to Rs 32,041.93 crore.

The Board of Directors recommended a dividend of Rs 1 per share - 100 percent on face value of Rs 1. The total amount of dividend is Rs 159.55 crore (Previous year~ 127.43 crore), company said in a release.

Bajaj Finance

A day earlier, Bajaj Finance reported a 21 percent growth in its consolidated profit after tax to 3,825 crore. Its assets under management (AUM) grew by 34 percent to Rs 3.31 lakh crore.

Its net interest income increased 28 percent in the March quarter to Rs 8,013 crore from Rs 6,254 crore in in a similar period.

In the reporting quarter, company's Assets under management (AUM) grew by 34 percent to Rs 3.31 lakh crore as of March 31, 2024 from Rs 2.47 lakh crore as of March 31, 2023. This includes AUM of Rs 91,370 crore of Bajaj Housing Finance Ltd, which recorded a growth of 32 percent over on-year.

Gross NPA and Net NPA as of March 31, 2024 stood at 0.85 percent and 0.37 percent, respectively, as against 0.94 percent and 0.34 percent as of March 31, 2023.

The Company has provisioning coverage ratio of 57 percent on stage 3 assets and Capital adequacy ratio (CRAR) (including Tier-II capital) as of March 31, 2024 was 22.52 percent. The Tier-I capital was 21 .51 percent.

Bajaj Allianz General Insurance Company

In January-March quarter, net profit the company increased by 18 percent on-year to Rs 380 crore, as compared to Rs 322 crore in a similar period last year.

Gross written premium for Q4FY24 increased by 32 percent to Rs 4,962 crore, as against Rs 3,766 crore in Q4FY23. Excluding tender-driven crop and government health insurance premium. Bajaj Allianz General Insurance Company (BAGIC)'s gross written premium increased by 13 percent to Rs  3,780 crore in Q4FY24 from Rs 3,345 crore in Q4FY23, company said in a release.

Net earned premium increased by 17 percent to Rs 2,338 crore for Q4FY24, as compared to Rs 1,990 crore in Q4FY23.

Investment and other income (net) for Q4FY24 increased by 31 percent to Rs 566 crore as against Rs 431 crore in Q4FY23.

Profit on sale of investments was higher by Rs 63 crore (before tax) in
Q4FY24. Excluding profit on sale of investments, investment and other income (net) has shown a healthy growth of 17 percent.

Assets Under Management (AUM) represented by cash and investments as on March 31, 2024 stood at Rs 31,196 crore, as against Rs 27,809 crore as on March 31, 2023, which saw an increase of 12 percent.

Bajaj Allianz Life Insurance Company

Shareholders' profit after tax during Q4FY24, increased to Rs 106 crore, as compared to Rs 26 crore in a similar period last year.

Renewal premium for Q4FY24 stood at Rs 4,230 crore, as compared to Rs 3,137 crore in Q4FY23 - an increase of 35 percent.

Gross written premium for Q4FY24, increased by 27 percent to Rs 8,183 crore, as against Rs 6,434 crore in Q4FY23.

AUM represented by total investments stood at Rs 1.09 lakh crore as on 31 March 2024, as compared to Rs 90,584 crore as on 31 March 2023 - an increase of 21 percent.