Bajaj Finserv's Q2 net profit rises 24% to Rs. 1,929cr
Bajaj Finserv's net profit jumped 24% in Q2 FY24, reaching Rs. 1,929 crore, up from Rs. 1,557 crore in Q2 FY23. The firm's consolidated revenue also experienced a 25% year-over-year (YoY) growth, amounting to Rs. 26,023 crore, compared to Rs. 20,803 crore previously. The financial services provider added 35.8 lakh customers to its franchise and approved 85.3 lakh new loans during the reported quarter. At the time of writing, the company's stock traded 0.58% higher at Rs. 1,569 on NSE.
Bajaj Finance reports strong performance
Bajaj Finance, a subsidiary of Bajaj Finserv, saw its profit after tax surge by 28% YoY to Rs. 3,551 crore in Q2 FY24. The company's total revenue rose by 34% compared to the same period last year, reaching Rs. 13,382 crore from Rs. 9,974 crore. As of September 30, 2023, Bajaj Finance's Assets Under Management (AUM) amounted to Rs. 2.90 lakh crore, a 33% increase from Rs. 2.18 lakh crore on September 30, 2022.
Bajaj Allianz General Insurance Company's impressive growth
Bajaj Allianz General Insurance Company posted a 39% growth in net profit in Q2 FY24, totaling Rs. 468 crore. The firm's gross written premium for Q2 FY24 climbed by 53% to Rs. 7,298 crore, up from Rs. 4,781 crore in Q2 FY23. The company's net earned premium for Q2 FY24 reached Rs. 2,250 crore, compared to Rs. 2,090 crore in Q2 FY23. Moreover, its AUM rose by 13% to Rs. 29,511 crore as of September 30, 2023.
Bajaj Allianz Life Insurance Company's positive results
Bajaj Allianz Life Insurance Company reported a 21% YoY increase in net profit in Q2 FY24, amounting to Rs. 193 crore. The firm's new business premium for Q2 FY24 grew by 26% to Rs. 2,821 crore, up from Rs. 2,235 crore in Q2 FY23. Renewal premiums for Q2 FY24 reached Rs. 2,517 crore, a 31% rise from Rs. 1,920 crore in Q2 FY23. These figures highlight the strong growth across Bajaj Finserv's subsidiaries during the second quarter of FY24.
