Bajaj Finserv on Tuesday reported a 22 per cent increase in consolidated net profit of Rs 2,158 crore for the December quarter of the fiscal year 2023-24. The financial services group earned a net profit of Rs 1,782 crore in the same period of the previous fiscal year.
This remarkable result was backed by the strong growth in the arm of Bajaj Finance Ltd. The company's consolidated total income rose 33 per cent on-year to Rs 29,038 crore compared to Rs 21.755 crore in the same period of fiscal year 2022-23, Bajaj Finserv said in a regulatory filing.
In addition, the interest income of the company during the quarter increased by 33.5 per cent on an on-year basis to Rs 13,922 crore compared to Rs 10,430 crore in the same period of the previous fiscal year. The premium and operating income from the insurance business of the company in the October-December quarter climbed to Rs 12,308.62 crore, as compared to Rs 9,102.50 crore in the same period of the previous year.
Meanwhile, on Monday, Bajaj Finance, a subsidiary of Bajaj Finserv, announced a consolidated net profit of Rs 3,638.95 crore for the December quarter, marking a 22.4 per cent increase from the previous year. In Q3FY24, Bajaj Finance achieved its highest-ever quarterly growth in customer franchise, adding 3.85 million new customers and recording 9.86 million new loans booked.
The profit after tax for Bajaj Housing Finance Ltd, a wholly-owned subsidiary of Bajaj Finance, experienced a growth of 31 per cent. Additionally, Bajaj Finance's consolidated assets under management crossed the milestone of Rs 3 lakh crore in Q3FY24.
Bajaj Allianz General Insurance Company (BAGIC) reported a 19 per cent growth in gross written premium. Excluding the impact of bulky tender-driven crops and government health business, the growth remained robust at 20 per cent for the company.
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