Bajaj Finserv reports first profit

Bajaj Finserv On Thursday reported a net profit of Rs 12.29 crore for the December quarter, as against a loss of Rs 50.76 crore in the corresponding period last year despite a fall in income. The Bajaj group company said its total income during the third quarter fell 18.05 per cent to Rs 85.85 crore from Rs 104.76 crore reported during October-December 2007.

MD Sanjay Bajaj attributed the improved performance to the life insurance business, where the company pared its losses by 81.68 per cent to Rs 21.42 crore at the end of December 2008, from Rs 116.91 crore in the corresponding period last year. Profit from the general insurance business fell more than 52 per cent to Rs 23.56 crore.