BFL’s Q2 PAT up by 28%

BAGIC recorded market-leading growth in gross written premium of 53%

FinTech BizNews Service 

Mumbai, 27 October, 2023: A meeting of the Board of Directors of Bajaj Finserv Limited was held today to consider and approve the results for Q2 FY24.

Against the backdrop of upbeat macro-economic conditions during the quarter, our companies have continued their strong operating performance.

•  BFL recorded quarterly increase in the customer franchise of 3.58 million and number of new loans booked of 8.53 million in Q2 FY24. Its quarterly consolidated profit after tax increased by 28% while its wholly owned subsidiary, BHFL recorded growth of 47% in profit after tax. Further, BFL’s deposit book crossed a milestone of ? 50,000 crore in the quarter.
• BAGIC recorded market-leading growth in gross written premium of 53%; excluding bulky tender-driven crop and government health business growth was 21%. BAGIC’s profit after tax recorded strong growth of 39%. It continued to deliver a superior combined ratio.
• BALIC recorded market-leading growth of 32% in individual-rated new business premiums and growth of 25% in net new business value.
•  Consequently, BFS’ consolidated total income and profit after tax grew by 25% and 24% respectively.
• Bajaj Finserv Asset Management received encouraging response to its mutual fund schemes launched in the quarter, with Assets Under Management (AUM) of ? 5,235 crore at 30 September 2023.

Highlights – Q2 FY24 v/s Q2 FY23 *

•  Consolidated total income – ? 26,023 crore v/s ? 20,803 crore  (up by) 25%
•  Consolidated profit after tax – ? 1,929 crore v/s ? 1,557 crore  (up by) 24% (See note below)
•  Bajaj Finance, consolidated profit after tax – ? 3,551 crore v/s ? 2,781 crore (up by)  28%
•  General insurance, profit after tax – ? 468 crore v/s ? 336 crore  (up by) 39%
• Life insurance, net new business value (NBV)* – ? 237 crore v/s ? 190 crore (up by) 25%

Highlights – H1 FY24 v/s H1 FY23*

•  Consolidated total income – ? 49,303 crore v/s ? 36,692 crore  (up by) 34%
•  Consolidated profit after tax – ? 3,872 crore v/s ? 2,866 crore  (up by)  35% (See note below)
•  Bajaj Finance, consolidated profit after tax – ? 6,988 crore v/s ? 5,377 crore (up by) 30%
•  General insurance, profit after tax – ? 883 crore v/s ? 747 crore  (up by)  18%
•  Life insurance, net new business value (NBV)* – ? 331 crore v/s ? 325 crore (up by) 2%