Business Standard

Bajaj Finserv net doubles to Rs 129 cr in April-June

Related News

Bajaj Finserv, the holding company for of the Bajaj group, on Wednesday said its consolidated net profit for the quarter ended June had almost doubled to Rs 129 crore, from Rs 66 crore a year ago.

The earnings growth was aided by higher profitability of its subsidiaries in financing and insurance businesses.

Bajaj Finance’s net profit for the quarter ended June rose 94 per cent to Rs 91 crore from Rs 47 crore a year ago.

Higher income from operations on the back of increased loan disbursements for vendor financing, construction equipment, mortgages and consumer durables aided the company’s earnings during the quarter.

Income from operations stood at Rs 416.35 crore, up 54 per cent over that in the same period a year earlier. Other incomes nearly doubled to Rs 2.08 crore, from Rs 1.1 crore during this period last year. The total income was up 52 per cent, at Rs 452 crore.

Bajaj Finance disbursed Rs 3,588 crore in loans during the first three months of this financial year — 75 per cent more than that in the period a year ago. Net non-performing assets stood at 0.46 per cent as of June-end. The company closed the first quarter with a capital adequacy of 19 per cent, including the profit in the current quarter.

The profit of Bajaj Allianz Life Insurance Company grew 65 per cent compared to last year, to Rs 278 crore, during the quarter. New business premium during this period stood at Rs 378 crore, compared with Rs 603 crore a year ago.

Bajaj Allianz General Insurance Company’s profit after tax in April-June was Rs 39 crore, up 26 per cent from a year earlier.

Read more on:   
|
|
|
|
|

Read More

Going out of Citi Suvidha? Keep higher balance

Citi India’s ‘Suvidha’ salary account holders will need to maintain a monthly net relationship value of Rs 1 lakh if their salary is no longer ...

Quick Links

More news from Finance Rss icon

Bank credit dropped in 1st half of October

Though credit demand has been tepid for several quarters, this fortnightly dip came just ahead of the Diwali week, the main festive season for ...

Rajan rate-cut bets spur Asia's biggest swap drop

The fixed payment to lock-in rates for a year using the derivatives fell 37 basis points this month, the most since September 2013, to 8.10%

YES Bank enters home loan business

Move follows RBI's decision to allow banks to raise long-term resources to finance affordable housing

Back to Top