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On July 27, Bajaj Finserv reported 48.4% YoY growth in net profit at Rs 1,942.6 crore for the quarter ended June 2023, versus Rs 1,309 crore in the same period last year.
The company’s overall income grew 46.5% YoY to Rs 23,280 crore, as opposed to Rs 15,888.3 crore in the last year period.
The robust growth came as Bajaj Finance recorded its highest-ever quarterly upsurge in its customer franchise of 3.84 million and highest-ever loans booked of 9.94 million in Q1FY24.
Bajaj Finance’s combined profit after tax came in at Rs 3,437 crore in the June quarter, up 32% YoY, which also aided Bajaj Finserv’s numbers.
Bajaj Finserv is the holding company for Bajaj Finance, with a 52.49% stake in Bajaj Finance.
Another business under Bajaj Finserv is Bajaj Allianz General Insurance. BAGIC’s gross written premium zoomed 23% in the June quarter. Excluding bulky tender-driven crops and government health business, GWP development was 27%.
At 12.40 pm, shares were trading at Rs 1642.75, up 1% on the NSE.
Meanwhile, Bajaj Allianz Life Insurance Company chronicled a 15% growth in individual business premiums in the quarter under review.
Consequently, Bajaj Financial Securities’ combined total income and profit after tax grew by 47% and 48%, respectively, with an all-time high quarterly profit.
