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Bajaj Finserv Limited's consolidated net profit for the second quarter (Q2) ended September 2014 rose 14 per cent to Rs 316 crore on robust performance of its consumer and mortgage finance and general insurance business. Net profit for the period was Rs 277 crore. Its stock closed flat on the BSE at Rs 1,107.
Sanjiv Bajaj, managing director, said Bajaj Finance and General Insurance had contributed substantially to bottomline in the second quarter. Life Insurance is beginning to show improvement in business.
Bajaj Finance, a subsidiary active in consumer, SME, mortgage and auto financing, posted 18 per cent rise in net profit at Rs 197 crore in Q2 FY15.
Rajeev Jain, chief executive officer of Bajaj Finance, said there has been an uptick in demand in the consumer segment after August 15 this year. The interest rates (in money market) have begun to soften.
The company's loan deployment increased by 50 per cent to Rs 7,816 crore from Rs 5,200 crore in Q2 of 2013-14 and assets under management stood at Rs 28,004 crore at end of September this year.
For Bajaj Allianz General Insurance Company Limited, net profit grew by 28 per cent to Rs 145 crore from Rs 113 crore a year-ago period. The gross written premium for Q2 rose by 29 per cent to Rs 1,475 crore as against Rs 1,143 crore in Q2 FY14. Bajaj Allianz Life Insurance Company Limited's shareholders profit was down to Rs 103 crore in Q2 of FY15 from Rs 107 crore in Q2 of FY14. The new business premium for Q2 FY15 was Rs 610 crore as against Rs 659 crore in Q2 ofFY14. Renewal premium grew to Rs 791 crore as against Rs 775 crore.
