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

Bajaj Finserv, the holding company for financial services businesses 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.