On 27 October, Bajaj Finserv announced a 24 per cent increase in its net profit, reaching Rs 1,929 crore, compared to Rs 1,557 crore in the same period the previous year. In the reported quarter, the company's consolidated total income rose by 25 per cent year-on-year, reaching Rs 26,023 crore, compared to Rs 20,803 crore in the corresponding period the previous year.
During Q2 FY24, Bajaj Finserv experienced a quarterly increase in customer franchise by 3.58 million and booked 8.53 million new loans.
In the subsidiary sector, Bajaj Finance reported a 28 per cent year-on-year increase in profit after tax, reaching Rs 3,551 crore in the reported quarter. The total income of Bajaj Finance for Q2 FY24 increased by 34 per cent year-on-year, reaching Rs 13,382 crore, compared to Rs 9,974 crore in the same period the previous year.
Bajaj Finance's Assets Under Management (AUM) as of 30 September 2023, amounted to Rs 2.90 lakh crore, marking a 33 per cent year-on-year increase compared to Rs 2.18 lakh crore as of 30 September 2022. The gross non-performing asset (NPA) ratio and net NPA for Bajaj Finance as of 30 September 2023, stood at 0.91 per cent and 0.31 per cent, respectively, compared to 1.17 per cent and 0.44 per cent as of 30 September 2022. The provisioning coverage ratio on stage 3 assets was 66 per cent.
Bajaj Allianz General Insurance Company reported a 39 per cent increase in its net profit for the July-September quarter, reaching Rs 468 crore. During Q2 FY24, the gross written premium increased by 53 per cent to Rs 7,298 crore, compared to Rs 4,781 crore in Q2 FY23. The net earned premium for Q2 FY24 amounted to Rs 2,250 crore, compared to Rs 2,090 crore in Q2 FY23.
The assets under management (AUM), represented by cash and investments as of 30 September, 2023, stood at Rs 29,511 crore, marking a 13 per cent year-on-year increase compared to Rs 26,052 crore as of 30 September 2022.
Bajaj Allianz Life Insurance Company reported a 21 per cent year-on-year increase in its net profit, reaching Rs 193 crore during the reporting quarter. The new business premium for Q2 FY24 increased by 26 per cent to Rs 2,821 crore, compared to Rs 2,235 crore in Q2 FY23. The renewal premium for Q2 FY24 amounted to Rs 2,517 crore, marking a 31 per cent increase compared to Rs 1,920 crore in Q2 FY23.