Bajaj Finserv Beats Estimates with Strong Q1

25 Jul 2024 , 09:03 AM

On July 24, Bajaj Finserv Ltd reported a 10% increase in its net profit to ₹2,138 Crore in the first quarter of the current fiscal year. The company’s overall consolidated income increased 35% year on year to ₹31,480 Crore.

Bajaj Finance recorded a 14% increase in net profit to ₹3,912 Crore in Q1 FY25, compared to the previous year. The net interest income (NII) of India’s largest non-banking finance company in April-June increased by 25% year on year to ₹8,365 Crore.

The company has resumed loan sanction and disbursement under ‘eCOM’ and ‘lnsta EMI Card’, as well as the issue of EMI cards, following the RBI’s removal of limitations on these companies on May 2, 2024, it said.

Earlier, in its Q1 business report, Bajaj Finance stated that its new loan bookings increased by 10% to 1.1 Crore. Assets under management rose 31% year on year to ₹3.5 lakh Crore at the end of the quarter. The deposit book also increased by 26% year on year to ₹62,750 Crore in the quarter ended June.

Gross NPA and net NPA for non-bank lenders as of June 30, 2024 were 1.06% and 0.47%, respectively, compared to 1.09% and 0.39% as of June 30, 2023.

Bajaj Finserv Health finalised the acquisition of Vidal Healthcare, including TPA, after receiving all relevant clearances. According to a press release, the company is now integrating and improving technology, policies, and other aspects of business.

Insurance subsidiary Bajaj Allianz General Insurance Company recorded a gross written premium of ₹4,761 Crore in Q1FY25, up 24% from ₹3,834 Crore in Q1Y24. Excludes tender-driven crops and government health insurance premiums. The insurance subsidiary’s gross written premium climbed by 22%, to ₹4,664 Crore from ₹3,834 Crore.

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