Companies

Bajaj Finserv profit up 32%

Our Bureau Mumbai | Updated on May 16, 2019 Published on May 16, 2019

Bajaj Finserv (BFS), the holding company for the various financial services businesses of Bajaj Group, posted a 32 per cent increase in its consolidated PAT at ₹839 crore during the fourth quarter of fiscal 2019, against ₹637 crore in the year-ago period, despite a slowing economy and looming liquidity crunch in the market.

Its consolidated net income was at ₹12,995 crore during the January-March quarter of FY19, up 44 per cent from ₹9,005 crore in the same period last year.

BFS’s listed NBFC arm Bajaj Finance reported a 50 per cent jump in standalone net profit at ₹1,114 crore for the last quarter of the fiscal ended March 2019, compared to ₹743 crore in the corresponding quarter a year ago. Its total income during the period rose to ₹4,887.76 crore, from ₹3,424.99 crore in the year-ago period.

BFS participates in the finance business through its 54.99 per cent holding in Bajaj Finance (BFL), and in the protection business through its 74 per cent holding in two unlisted subsidiaries, Bajaj Allianz General Insurance Company (BAGIC) and Bajaj Allianz Life Insurance Company (BALIC). The profits of both the general and life insurance businesses witnessed declines.

During the year, the three key companies have operated well. As before, BFL performed brilliantly. Though BAGIC’s profit was adversely affected due to floods in Kerala, it recorded industry-beating growth, the company said in a statement. BALIC recorded all-round improvement, with industry-beating growth in individual premiums supported by improvements in persistency and new business value.

The company said that Bajaj Finserv has recorded its fifth successive highest annual profit after tax on consolidated basis on the back of Bajaj Finance’s earnings. It recorded the highest annual total income and profit after tax during the quarter, aided by a diversified product mix, robust volume growth, prudent operating costs, and effective risk management.

Published on May 16, 2019
This article is closed for comments.
Please Email the Editor