Bajaj Finserv Ltd (BFL) on Wednesday announced its fiscal second quarter earnings with a profit growth of 8.2 per cent at Rs 2,086.97 crore in comparison to Rs 1,928.96 crore during the corresponding quarter of FY24. It posted a total income of Rs 33,703.74 crore during the quarter in review, up 29.5 per cent as against Rs 26,022.66 crore during the same period of previous financial year. Bajaj Finserv Asset Management recorded assets under management (AUM) of Rs 16,293 crore as on 30 September 2024.
“Q2 FY25 was a strong quarter for growth across all our major businesses. Risk metrics, however, varied across segments and our companies focused on balancing risk with growth,” the company said in a regulatory filing. BFL recorded an increase in the customer franchise of 3.98 million and number of new loans booked of 9.69 million in Q2FY25.
Performance across subsidiaries
Bajaj Finance Limited (BFL): Net total income for Q2FY25 increased by 24 per cent to Rs 10,946 crore against Rs 8,847 crore in Q2FY24. Profit after tax for Q2FY25 increased by 13 per cent to Rs 4,000 crore vs Rs 3,551 crore in Q2FY24. Assets Under Management (AUM) as on 30 September 2024 were at Rs 373.924 crore, up 29 per cent YoY. This includes AUM of Rs 102,569 crore of BHFL, which recorded a growth of 26 per cent over the AUM as on 30 September 2023. Gross NPA and Net NPA as on 30 September 2024 stood at 1.06 per cent and 0.46 per cent respectively.
Bajaj Allianz General Insurance Company Limited (BAGIC): Gross written premium for Q2FY25 decreased by 20 per cent to Rs 5,871 crore vs Rs 7,298 crore in Q2FY24 due to spill over of government health business to October. Excluding tender-driven crop and government health insurance premium, BAGIC’s gross written premium increased by 11 per cent to Rs 4,157 crore. Net earned premium increased by 18 per cent YoY to Rs 2,660 crore for Q2FY25. Profit after tax for Q2FY25 stood at Rs 494 crore as against Rs 468 crore in Q2FY24, up 6 per cent YoY. Assets Under Management (AUM), represented by cash and investments as on 30 September 2024 stood at Rs 31,949 crore vs Rs 29,511 crore as on 30 September 2023, up 8 per cent.
Bajaj Allianz Life Insurance Company Limited (BALIC): New business premium for Q2FY25 increased by 14 per cent to Rs 3,202 crore vs Rs 2,821 crore in Q2FY24. Renewal premium for the quarter stood at Rs 3,342 crore, up 33 per cent YoY. Consequently, gross written premium for Q2FY25 increased by 23 per cent to Rs 6,544 crore. Meanwhile, profit after tax during Q2 reduced to Rs 148 crore as against Rs 193 crore in Q2FY24 due to new business strain, higher expense overruns and change in product mix. Assets Under Management (AUM), represented by total investments, stood at Rs 123,178 crore as on 30 September 2024, up 25 per cent as against Rs 98,700 crore as on 30 September 2023.