Bajaj Finserv Ltd’s (BFL) consolidated net profit rose 24 percent year-on-year (year-on-year) to Rs 1,929 crore in the second quarter ended September 30, 2023 (Q2FY24). BFL is a listed holding company for financial and insurance activities of the Bajaj group.
Consolidated total income rose 25 percent year-on-year to Rs 26,023 crore in the reporting quarter, against Rs 20,803 crore in Q2FY23.
The company said in a statement that against the backdrop of favorable macroeconomic conditions during the quarter, its businesses continued their strong operating performance. The stock closed almost flat at Rs 1,566.00 per share on BSE today.
Interest income rose to Rs 13,090 crore in Q2FY24 from Rs 9,727 crore in Q2FY23. Premiums and other operating income from the insurance sector grew to Rs 10,997 crore in Q2FY24 from Rs 8,667 crore a year ago. Commission income rose marginally to Rs 1,371 crore in Q2FY24, compared to Rs 1,133 crore in Q2FY23.
Financing costs shot up from Rs 2,961 crore to Rs 4,449 crore. Claims paid stood at Rs 5,085 crore in Q2FY24, compared to Rs 3,833 crore in Q2FY23. Fees and commission expenses stood at Rs 1,653 crore, compared to Rs 1,018 crore in Q2FY23.
First print: October 27, 2023 | 7:31 PM IST