Bajaj Finserv on Thursday posted profit for the quarter ended June 2023 at Rs 1,942.63 crore, up 48.4 per cent as against Rs 1,309 38 crore during the same period last year. It posted revenue from operations at Rs 23,279.98 crore, up 46.5 per cent in comparison to Rs 15,888.26 crore during the first quarter of FY23. While the total income for the quarter stood at Rs 23,279.98 crore, total expenses for Q1FY24 was at Rs 18,157.41 crore. “Macro-economic conditions were stable during the quarter with a higher level of business confidence. In this conducive environment, our companies have once again delivered strong operating performance,” Bajaj Finserv said.
The company recorded its highest ever quarterly increase in its customer franchise of 3.84 million and highest ever new loans booked at 9.94 million in Q1FY24. Bajaj Finserv’s general insurance subsidiary Bajaj Allianz General Insurance Company posted a gross written premium of Rs 3,834 crore in Q1FY24, up by 23 per cent on-year, excluding bulky tender-driven crop and government health business growth was 27 per cent.
During the quarter, Bajaj Finserv Asset Management launched its first set of mutual fund schemes in the form of liquid and overnight funds.
Performance of subsidiary companies
Bajaj Finance Limited Assets Under Management (AUM) as on 30 June 2023 was Rs 2,70,097 crore v/s Rs 2,04,018 crore as on 30 June 2022, up 32 per cent. This includes an AUM of Rs 74,124 crore of Bajaj Housing Finance, which recorded a growth of 29 per cent over the AUM as on 30 June 2022. Gross NPA and Net NPA during the quarter stood at 0.87 per cent and 0.31 per cent respectively. Provisioning coverage ratio on stage 3 assets is 65 per cent. Capital adequacy ratio (including Tier-II capital) stood at 24.61 per cent.
Bajaj Allianz General Insurance Company posted gross written premium for Q1FY24 stood at Rs 3,834 crore, up 23 per cent on-year. Net earned premium for Q1FY24 stood at Rs 1,938 crore. Combined ratio improved to 100.7 per cent in Q1FY24. Profit after tax for Q1FY24 stood at Rs 415 crore. Assets Under Management (AUM) represented by cash and investments as on 30 June 2023 stood at Rs 28,611 crore.
Bajaj Allianz Life Insurance Company posted gross written premium for Q1FY24 at Rs 4,058 crore. It recorded profit after tax during Q1FY24 at Rs 155 crore.