Bajaj Finserv Q3 PAT up 59%

Written by fe Bureau | Pune | Updated: Jan 19 2012, 07:53am hrs
Bajaj Finserv has reported a 59% increase in PAT for the third quarter of FY12 to R170 crore from R107 crore in the same quarter last year while total income was up by 55% during the quarter. While the finance and general insurance business boosted profits, the life insurance business profits have dipped and reduced profits on decline in premium.

Bajaj Finserv is the holding company for Bajaj Finance, Bajaj Allianz General Insurance, Bajaj Allianz Life Insurance and Bajaj Financial Solutions, the financial advisory and wealth management company. Bajaj Finservs profits came mainly from the 71 % growth in PAT at Bajaj General Insurance which was at R60 crore and the R120 crore profit from Bajaj Finance, where PAT grew at 58% growth. The Bajaj Life insurance business profits were down 5.6% during the third quarter to R283 crore as against R300 crore same time last year.

Deployment of funds at Bajaj Finance went up 68% to R4,649 crore during Q3FY12. Gross income went up 55% to R603 crore while loan losses and provisions for Q3FY12 was down 20% at R36 crore. Net NPA stood at 0.25%, the lowest for the company in the last five years. Bajaj Allianz General Insurance Company posted a PAT of R60 crore.