Bajaj Finserv reported a 14 per cent increase in consolidated net profit at ₹316 crore in the second quarter ended September 30, 2014 as against ₹277 crore in the year-ago period.

Bajaj Finserv is the holding company representing Bajaj Group’s interests in the financial services space through its subsidiaries — Bajaj Allianz Life Insurance Company (Bajaj Finserv holds 74 per cent stake in the company), Bajaj Allianz General Insurance Company (74 per cent) and Bajaj Finance (61.54 per cent).

Bajaj Finance reported an 18 per cent increase in net profit at ₹197 crore (₹167 crore in the year-ago period). Bajaj Allianz General Insurance Company reported a 28 per cent increase in net profit at ₹145 crore (₹113 crore).

In the case of the life insurance business, the shareholders’ profit after tax was lower at ₹103 crore (₹107 crore). Shares of Bajaj Finserv closed at ₹1107.85 per share, down 0.50 per cent over the previous close on the BSE.

Loans disbursed by Bajaj Finance increased by 50 per cent to ₹7,816 crore in the reporting quarter as against ₹5,200 crore in the year-ago period.

The company gives loans in four segments – consumer, small and medium enterprises, commercial and rural.

Loan losses and provisions in the reporting period increased by 54 per cent to ₹80 crore (₹52 crore).

Housing finance

Bajaj Finance said it intends to purchase, at arm’s length pricing, from its holding company Bajaj Finserv, their wholly-owned subsidiary Bajaj Financial Solutions, together with its subsidiary, to promote the business of housing finance.

Shares of Bajaj Finance closed at ₹2,730 a share, up 1.75 per cent over the previous day’s close on the BSE.

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