Bajaj Finserv on Friday reported a 20% year-on-year (YoY) jump in its March quarter consolidated net profit at Rs 2,119 crore as against Rs 1,769 crore reported in the year-ago period.
Consolidated total income for the March quarter stood at Rs 32,042 crore as against Rs 23,625 crore a year-ago, an upside of 36% YoY.
The company has recommended a dividend of Re 1 per equity share for the financial year ended 31 March 2024. The dividend will be credited around July 26-27, 2024.
Bajaj Finance\’s consolidated assets under management (AUM) crossed Rs 330,000 crore as the company reported its highest ever total income for the financial year that ended on March 31, 2024.
Key takeaways:
– BajajAllianz General Insurance became the 3rd largest general insurer measured by gross direct premium, overtaking three public sector insurers, the company filing claimed. The company recorded market leading growth of 33% in gross written premium to Rs 20,630 crore.
– Bajaj Life Insurance Company\’s AUM crossed Rs 1,00,000 crore. The company recorded growth of 21% in individual-rated new business premium and growth of 12% in net new business value.
– Bajaj Finserv Asset Management AUM stood at Rs 9,552 crore in the first year of launch.
– BFL recorded increase in the customer franchise of 1.45 crore and number of new loans booked of 3.62 crore.
– For the full financial year, the consolidated total income stood at Rs 1,10,383 crore versus Rs 82,072 crore which is a jump of 34% on the YoY basis.
– Consolidated profit after tax for FY24 stood at Rs 8,148 crore versus Rs 6.417 crore in FY23 which is a 27% YoY jump.
