 "Bajaj Finserv Q2 results: Consolidated net profit rises 24% to Rs 1,929 cr")
Bajaj Finserv, a listed holding entity for Bajaj group’s finance and insurance businesses, on Friday reported a 24 per cent year-on-year (Y-o-Y) increase in its net at Rs 1,929 crore for the second quarter of 2023-24 (Q2FY24).
Its consolidated total income rose by 25 per cent to Rs 26,023 crore in the quarter, from Rs 20,803 crore in the year-ago period.
In a statement, Bajaj Finserv said its companies continued their strong operating performance against the backdrop of upbeat macro-economic conditions. Its stock closed almost flat at Rs 1,566 per share on the BSE.
The interest income rose to Rs 13,090 crore in Q2FY24 from Rs 9,727 crore in the same quarter a year ago. The premium and other operating income from insurance business grew to Rs 10,997 crore in Q2 from Rs 8,667 crore a year ago. The fees and commission income rose marginally to Rs 1,371 crore in Q2FY24 from Rs 1,133 crore in Q2FY23.
While its finance cost shot up to Rs 4,449 crore from Rs 2,961 crore, the claims paid stood at Rs 5,085 crore in Q2FY24 up from Rs 3,833 crore in Q2FY23. Fees and commission expenses stood at Rs 1,653 crore against Rs 1,018 crore in the year-ago period.
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