Bajaj Finserv on July 27 reported 48.4 percent year-on-year growth in net profit at Rs 1,942.6 crore for the quarter ended June 2023, compared to Rs 1,309 crore in the same period last year.
The company's total income grew 46.5 percent YoY to Rs 23,280 crore, as opposed to Rs 15,888.3 crore in the year-ago period.
The strong growth came on the back of Bajaj Finance recording its highest-ever quarterly increase in its customer franchise of 3.84 million and highest-ever new loans booked of 9.94 million in Q1 FY24.
Moreover, Bajaj Finance's consolidated profit after tax came in at Rs 3,437 crore in the June quarter, up 32 percent YoY, which also helped Bajaj Finserv's numbers.
Bajaj Finserv is the holding company for Bajaj Finance. It holds 52.49 percent stake in Bajaj Finance.
Also Read: Bajaj Finance ups long-term guidance but margins, credit costs are a concern
Another company under Bajaj Finserv is Bajaj Allianz General Insurance. BAGIC's gross written premium grew by 23 percent in the June quarter. Excluding bulky tender-driven crop and government health business, GWP growth was 27 percent, said the company in an exchange filing.
Meanwhile, Bajaj Allianz Life Insurance Company recorded growth of 15 percent in individual rated new business premium in the quarter under review.
Consequently, Bajaj Financial Securities' consolidated total income and profit after tax grew by 47 percent and 48 percent respectively. Yet again it resulted in an all-time high quarterly profit, the company added.
Bajaj Finserv Asset Management, also a part of Bajaj Finserv, launched its first set of mutual fund schemes in the form of liquid and overnight funds.
At 12:30 pm, Bajaj Finserv stock was quoting at Rs 1,644.10 on the NSE, up 1 percent from previous close.
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