 "Bajaj Finserv Q1 net jumps 57% to Rs 1,309 cr; total income rises 14%")
Bajaj Finserv on Thursday reported a 57 per cent jump in net profit at Rs 1,309 crore in the first quarter ended June 30, on healthy earnings by its subsidiary companies.
In the year-ago period, the company had posted a net profit of Rs 833 crore.
Company's consolidated total income during April-June period of 2022-23 was up 14 per cent to Rs 15,888 crore, Bajaj Finserv said in a regulatory filing.
Bajaj Finserv said the business conditions improved significantly in the first quarter of FY23 and its consolidated assets under management (AUM) crossed a milestone of Rs 2,00,000 crore during this period and stood at Rs 2,04,018 crore.
Its wholly-owned subsidiary, Bajaj Housing Finance Ltd (BHFL) recorded a growth of 96 per cent in profit after tax during the June 2022 quarter.
Of the other material subsidiaries, Bajaj Allianz General Insurance Company (BAGIC) recorded a healthy growth of 25 per cent in gross written premium and 14 per cent growth in profit in Q1FY23, Bajaj Finserv said.
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"Bajaj Allianz Life Insurance Company (BALIC) continued its excellent performance and recorded industry beating growth of 81 per cent in individual rated new business premium while growing new business value significantly in Q1FY23," it said.
Shareholders' profit after tax during the quarter under review stood at Rs 124 crore, as against Rs 84 crore in the year-ago period, the company said.
On bonus and stock split by the company, it said its board has considered and approved sub-division of equity shares of face value of Rs 5 each to Re 1 each and issue of one fully paid bonus equity share of face value of Re 1 each against one equity share of the face value of Re 1 each subject to shareholders' approval.
Bajaj Finserv (BFS) is the holding company for the various financial services businesses under the Bajaj group. It has 52.49 per cent holding in Bajaj Finance (BFL) and in the life, general and health insurance businesses through its 74 per cent (each) holding in two unlisted subsidiaries, BAGIC and BALIC.
It also holds 80.13 per cent stake in Bajaj Finserv Direct Limited (BFSD), which is a digital marketplace for financial services products ranging from loans, insurance, mutual funds, investments, lifestyle products, payments. The balance 19.87 per cent is held by BFL.
Stocks of BFS were trading at Rs 14,546 apiece on BSE, up 9.34 per cent from its previous closing.
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