Bajaj Finserv on Friday posted second quarter profit at Rs 1,928.96 crore, up 23.9 per cent in comparison to Rs 1,556.93 crore during the corresponding quarter of last year. It posted a total income for the quarter ended September 2023 at Rs 26,022.66 crore, up 25.1 per cent as against Rs 20,803.33 crore during the second quarter of FY23.
In terms of different company performance, it said that Bajaj Finance recorded a quarterly increase in the customer franchise of 3.58 million and number of new loans booked of 8.53 million in Q2FY24. Its quarterly consolidated profit after tax increased by 28 per cent while its wholly owned subsidiary, Bajaj Housing Finance recorded growth of 47 per cent in profit after tax. Further, Bajaj Finance’s deposit book crossed a milestone of ~ 50,000 crore in the quarter.
Bajaj Allianz General Insurance recorded market leading growth in gross written premium of 53 per cent; excluding bulky tender-driven crop and government health business growth was 21 per cent. Its profit after tax recorded strong growth of 39 per cent. Bajaj Allianz Life Insurance Company Limited recorded growth of 32 per cent in individual rated new business premium and growth of 25 per cent in net new business value.
Bajaj Finserv Asset Management received encouraging response to its mutual fund schemes launched in the quarter with Assets Under Management (AUM) of ~5,235 crore at 30 September 2023, the company said.
Bajaj Finance Limited posted total income for Q2FY24 at Rs 13,382 crore, up 34 per cent on-year. Profit after tax for Q2FY24 increased by 28 per cent to Rs 3,551 crore led by robust AUM growth, higher net interest income and better asset performance. Assets Under Management (AUM) as on 30 September 2023 was Rs 290.264 crore as on 30 September 2022, an increase of 33 per cent. Gross NPA and Net NPA as on 30 September 2023 stood at 0.91 per cent and 0.31 per cent respectively as against 1.17 per cent and 0.44 per cent as on 30 September 2022.
Bajaj Allianz General Insurance Company Limited posted gross written premium for Q2FY24 increased by 53 per cent to Rs 7,298 crore. Excluding tender-driven crop and government health insurance premium, the company’s gross written premium increased by 21 per cent to Rs 3,747 crore in Q2FY24. Net earned premium for Q2FY24 stood at Rs 2,250 crore. Claim ratio increased to 78.0 per cent in Q2FY24 vs 75.5 per cent in Q2FY23. The increase in claim ratio is largely attributable to higher mix of crop and government health business and higher claims due to heavy rains & cyclone related claims.
Bajaj Allianz Life Insurance Company Limited posted the new business premium for Q2FY24 at Rs 2,821 crore, up 26 per cent on-year. Individual rated new business premium was Rs 1,415 crore in Q2FY24, up 32 per cent. Group protection new business was Rs 435 crore in Q2FY24, and group fund new business was Rs 808 crore in Q2 FY24, up 56 per cent. Renewal premium for Q2FY24 stood at Rs 2,517 crore, up 31 per cent on-year. Consequently, gross written premium for Q2FY24 increased by 28 per cent at Rs 5,338 crore. Net New Business Value (NBV), which is the metric used to measure profitability of life insurance business, was at Rs 237 crore in Q2FY24, up 25 per cent on-year.