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Bajaj Finserv consolidated net profit jumps 46%

BS Reporter / Mumbai 23 Jul 15 | 12:22 AM

Bajaj Finserv, the holding company which represents the Bajaj Group's interests in the financial services space, reported a 46 per cent growth in consolidated profit after tax at Rs 467 crore for the quarter ended June 30, led by healthy performance shown by Bajaj Finance, general insurance and life insurance business. The consolidated income from operations recorded a growth of 36 per cent to Rs 2,212 crore in the same period.

"We had good performance. What helped was very good results from Bajaj Finance, general insurance and life insurance. All these segments reported an increase in profits. Even on the top line for Bajaj Finance, total income increased by 33 per cent; in general insurance we grew the gross premium by 12 per cent and in life insurance we had a gross premium increasing by 36 per cent while new business grew," said S Sreenivasan, chief financial officer, Bajaj Finserv.

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Bajaj Finance recorded its highest ever quarterly profit after tax of Rs 276 crore in the first quarter of the current financial year, recording a growth of 31 per cent. The assets under management (AUM) stood at Rs 35,557 crore as of June 30. "In the market as a whole, credit growth is quite low but because of our focus on diversified business model across consumers, SME (small and medium enterprise) and commercial, rural etc., we have been able to grow quite well. Our AUMs grew by 32 per cent this quarter. We expect to continue to do the same work we have been doing in the past. Hopefully that will yield us better results," Sreenivasan said.

The net non-performing assets (NPAs) stood at 0.55 per cent as on June 30. "Net NPA for first quarter of FY16 was 0.55 per cent while it was 0.27 per cent in the same period the previous year. We are following provisioning policy which is in excess of the requirement of RBI for NBFCs. During the quarter as required by RBI we moved our NPA recognition policy from 180 days over dues to 150 days over dues," said Sreenivasan.

For Bajaj Allianz General Insurance Company, the profit after tax increased by 13 per cent to Rs 147 crore. The net earned premium for first quarter of the current financial year stood at Rs 999 crore recording an increase of eight per cent. For Bajaj Allianz Life Insurance Company, new business premium recorded a significant growth of 71 per cent to Rs 674 crore in the first quarter of the current financial year. "Our new business premiums recorded a 71 per cent growth and that is on account of a lower base. We are quite optimistic when it comes to outlook for the life insurance industry. The worst is behind us," said Sreenivasan.

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