Bajaj Finserv Ltd today reported a 31 percent jump in consolidated net profit to Rs 576 crore for the quarter ended September 30, 2016, led by growth in financing and general insurance businesses.
The financial services firm had posted a consolidated profit after tax (PAT) of Rs 441 crore in the same period last year.
"There was a strong profitability growth in Bajaj Finance where PAT grew by 46 percent and general insurance profit by 66 percent," the company's Chief Financial Officer, S Sreenivasan, said.
Consolidated gross revenue shot up 33 percent to Rs 6,912 crore from Rs 5,185 crore in the same quarter last year.
Its NBFC arm, Bajaj Finance, reported a 46 percent jump in its net profit at Rs 408 crore in the July-September period, helped by higher loan growth across all segments.
"The growth was broad-based. Consumer business grew by 52 percent, SME 14 percent, commercial 61 percent and rural expanded by at 195 percent," the company's Managing Director, Rajeev Jain, said.
Its assets under management grew by 38 percent to Rs 52,332 crore from Rs 37,964 crore a year ago.
Another Group firm, Bajaj Allianz General Insurance, saw its PAT zooming by 66 percent to Rs 234 crore from Rs 141 crore a year ago. Underwriting profit was Rs 57 crore as against an underwriting loss of Rs 8 crore in the year-ago period.
Gross written premium grew by 45 percent to Rs 2,179 crore from Rs 1,500 crore last year.
The company has written crop insurance of Rs 737 crore as against Rs 159 crore in the same period last year.
Bajaj Allianz Life Insurance's PAT in the quarter dropped to Rs 202 crore from Rs 216 crore in the year-ago period. Gross written premium expanded by 23 percent Rs 1,447 crore from Rs 1,172 crore. New business premium was up 70 percent to Rs 782 crore.
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