Mumbai: Bajaj Finserv, the holding company for Bajaj group’s financial services business, reported a net profit of Rs 2118 crore for the quarter ended March 2024, an increase of 19.8% over Rs 1769 in the corresponding quarter last year. The company’s board has declared a dividend of Rs 1 per share with a face value of Rs 1.
The holding company reflects the company’s share of profits earned by its subsidiaries and joint ventures including Bajaj Finance, Bajaj Allianz General Insurance, Bajaj Allianz Life Insurance, Bajaj Finserv Asset Management and Bajaj Finserv Health.
During the quarter, Bajaj Finance’s net total income increased by 25% to Rs 9,714 crore as against Rs 7,775 crore in Q4 FY23. The company’s profit after tax increased 21% to Rs 3825 crore. The general insurance company reported a net profit of Rs 380 crore for the quarter, an increase of 18% over last year, while the life insurance arm’s financials were not yet available.
The life insurance division recorded a net new business value (NBV) of Rs 1,061 crore, surpassing the previous year’s Rs 950 crore. As of March 31, 2024, the solvency ratio for the life business was a robust 432%, well above the minimum regulatory requirement of 150%.
