Bajaj Finserv Q1 Results: Cons PAT spikes 48% YoY to Rs 1,943 crore; revenue jumps 47%
Bajaj Finserv Ltd reported a 48.4% year-on-year (YoY) rise in consolidated net profit for the quarter ended June 2023 to Rs 1,942.63 crore. Revenue from operations rose nearly 47% YoY to Rs 23,280 crore.
Its subsidiary Bajaj Finance recorded its highest-ever quarterly increase in customer franchise of 3.84 million and the highest-ever new loans booked of 9.94 million in the June quarter. “Macroeconomic conditions were stable during the quarter with a higher level of business confidence,” the company said.
The strong performance of all subsidiaries helped Bajaj Finserv report an all-time high quarterly profit.Subsidiaries Performance Bajaj Finance, in which Bajaj Finserv holds over 52% stake, reported an over 32% YoY rise in consolidated net profit to Rs 3,437 crore, while net interest income increased 26% to Rs 8,398 crore. The assets under management (AUM) as of June 30, stood at Rs 2.70 lakh crore, up 32% from the year-ago period.
The company recorded the highest-ever quarterly increase in its AUM of Rs 22,718 crore. The general insurance subsidiary Bajaj Allianz General Insurance reported a gross written premium of Rs 3,834 crore, up 23% from the year-ago period.
Read more on economictimes.indiatimes.com
