Bajaj Finserv Q1 results | Net profit rises 10% to Rs 2,138 crore

A day earlier, Bajaj Finance reported that its Q1 FY25 net profit rose 14 percent on-year to Rs 3,912 crore. India's largest non-banking finance company's April-June net interest income (NII) grew 25 percent on-year to Rs 8,365 crore.

Bajaj Finserv Ltd on July 24 reported a 10 percent rise in its net profit to Rs 2,138 crore in the first quarter of the current financial year. The company's total consolidated income rose 35 percent on-year to Rs 31,480 crore.

A day earlier, Bajaj Finance reported that its Q1 FY25 net profit rose 14 percent on-year to Rs 3,912 crore. India's largest non-banking finance company's April-June net interest income (NII) grew 25 percent on-year to Rs 8,365 crore.

The company has resumed sanction and disbursal of loans under 'eCOM' and 'lnsta EMI Card' and issuance of EMI cards after the RBI removed the restrictions on these businesses on 2 May 2024, it said.

Earlier, in its Q1 business update, Bajaj Finance had said that its new loans grew by 10 percent during the quarter to 1.1 crore bookings. Assets under management expanded 31 percent on-year to Rs 3.5 lakh crore at the end of the quarter. The deposit book also saw a rise of 26 percent YoY to Rs 62,750 crore in the quarter ended June.

Gross NPA and net NPA as of non-bank lender as of 30 June 2024 stood at 1.06 percent and 0.47 percent respectively compared to 1.09 percent and 0.39 percent as of 30 June 2023.

Bajaj Finserv Health completed the acquisition of Vidal Healthcare including TPA after receipt of necessary approvals. The integration and upgrading of technology, policies and other aspects of business is in progress, the company said in a press release.

Insurance subsidiary Bajaj Allianz General Insurance Company reported a gross written premium for Q1FY25 of Rs 4,761 crore, a jump of 24 percent from Rs 3,834 crore in Q1Y24. Excluding tender-driven crop and government health insurance premium. the insurance subsidiary's gross written premium increased by 22 percent to Rs 4,664 crore from Rs 3,834 crore.

Shares of the company were trading at Rs 1548.70, down 2.05 percent.