Bajaj Finserv Q2 consolidated net profit rises 24% to Rs 1,929 cr

Bajaj Finserv Ltd on Friday reported consolidated net profit of Rs 1,929 crore for the quarter ended September 30, up 24 per cent year-on-year.

The company's profit after tax was at Rs 1,557 crore in the second quarter of the last financial year.

Consolidated total income of Bajaj Finserv stood at Rs 26,023 crore in the second quarter of the fiscal, up 25 per cent from Rs 20,803 crore in the year-ago quarter, the company said in filing to stock exchanges.

It further said Bajaj Finance Limited (BFL) recorded a quarterly increase in the customer franchise of 3.58 million and number of new loans booked at 8.53 million in the second quarter of fiscal 2023-24.

"Its quarterly consolidated profit after tax increased by 28 per cent, while its wholly-owned subsidiary, BHFL, recorded growth of 47 per cent in profit after tax," the release said.

Further, BFL's deposit book crossed a milestone of Rs 50,000 crore in the quarter.

Bajaj Finance, consolidated profit after tax was at Rs 3,551 crore, compared to Rs 2,781 crore in the year-ago quarter, up 28 per cent.

Net profit of its general insurance subsidiary stood at Rs 468 crore during the July-September quarter of 2023-24, as against Rs 336 crore in the comparable period last year.

According to the filing, in the life insurance segment, the net new business value (NBV) was at Rs 237 crore, up 25 per cent year-on-year.

It also said Bajaj Finserv Asset Management received encouraging response to its mutual fund schemes launched in the quarter, with Assets Under Management (AUM) of Rs 5,235 crore on September 30, 2023.

Bajaj Finserv's shares closed at Rs 1,566 a piece on BSE, up 0.45 per cent.