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Bajaj Finserv (BFS), the holding company for the various financial services businesses of the Bajaj Group, has reported a 40 per cent rise in consolidated net profit in the second quarter ended September 30 at ₹441 crore as against ₹316 crore during the same period last year. Total consolidated income from operations rose 35 per cent to ₹2,224 crore from ₹1,648 crore in the year-ago quarter.
S Sreenivasan, CFO, BFS, said that the company has decided this year to pay out shareholders’ profits in the life insurance business in the reporting quarter, according to applicable regulations, compared to the earlier practice of end of the year. payouts
The CFO said the company has seen a drop in new premium collection in the life insurance business, as it is in the process of rebuilding its agency network, which is likely to take some time. Bajaj Finserv shares closed 2.1 per cent higher to ₹1,825 apiece on the BSE.
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