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Bajaj Finserv Q1 Results Highlights: Net profit rises 10% to ₹2,138 crore
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Last Updated: 2nd August 2024 - 11:19 am
Bajaj Finserv Ltd reported a 10% rise in net profit for the first quarter of the current financial year, reaching ₹2,138 crore. The company's total consolidated income increased by 35% year-on-year, amounting to ₹31,480 crore.
Bajaj Finserv Q1 Results Highlights
On July 24, Bajaj Finserv Ltd announced a 10% increase in net profit for the first quarter of the current financial year, reaching ₹2,138 crore. The company's total consolidated income rose by 35% year-on-year to ₹31,480 crore.
Despite these positive financial results, Bajaj Finserv share price were trading at ₹1,548.70, down 2.05%.
The previous day, Bajaj Finance, India's largest non-banking finance company, reported a 14% year-on-year rise in its Q1 FY25 net profit to ₹3,912 crore. For the April-June period, the company saw its net interest income (NII) grow by 25% year-on-year to ₹8,365 crore.
Bajaj Finance has resumed loan sanction and disbursal under its 'eCOM' and 'Insta EMI Card' programs, as well as the issuance of EMI cards, following the RBI's removal of restrictions on these businesses on May 2, 2024.
In its Q1 business update, Bajaj Finance noted a 10% growth in new loans during the quarter, reaching 1.1 crore bookings. Assets under management (AUM) expanded by 31% year-on-year to ₹3.5 lakh crore at the end of the quarter. The deposit book also increased by 26% year-on-year to ₹62,750 crore in the quarter ended June.
As of June 30, 2024, Bajaj Finance's gross non-performing assets (NPA) stood at 1.06%, and net NPA at 0.47%, compared to 1.09% and 0.39%, respectively, as of June 30, 2023.
Bajaj Finserv Health completed the acquisition of Vidal Healthcare, including its third-party administrator (TPA) services, after obtaining the necessary approvals. The integration and upgrading of technology, policies, and other business aspects are currently in progress, according to a company press release.
The insurance subsidiary, Bajaj Allianz General Insurance Company, reported a gross written premium of ₹4,761 crore for Q1 FY25, a 24% increase from ₹3,834 crore in Q1 FY24. Excluding tender-driven crop and government health insurance premiums, the gross written premium increased by 22% to ₹4,664 crore from ₹3,834 crore.
About Bajaj Finserv Ltd.
Bajaj Finserv Ltd (BFS) is a financial services holding company headquartered in Pune, Maharashtra, India. The company offers a broad range of products and services in consumer finance, SME finance, commercial lending, insurance, and wealth management to both individual and corporate clients.
BFS operates through its subsidiaries and branch offices spread across India, providing comprehensive financial solutions to meet various needs.
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