Money & Banking

Near 3-fold jump in Bajaj Finserv Q3 profits

Our Bureau Mumbai | Updated on January 19, 2011

Bajaj Finserv posted net profit of Rs 11 crore, up 175 per cent for the quarter ended December 31, 2010, from Rs 4 crore in the corresponding quarter last year. Total income decreased to Rs 27 crore, from Rs 32 crore. On a consolidated basis, net profit surged by 206 per cent to Rs 107 crore from Rs 35 crore last year. Total income was Rs 532 crore, against Rs 120 crore last year. Bajaj Finance Ltd (BFL) has been consolidated as a subsidiary from July 05, 2010. Prior to that date, BFL was consolidated as an associate and hence the consolidated financial results for the period ended December 31, 2010, are not comparable with those of the prior periods, the company said in a release to the Bombay Stock Exchange.

Among the subsidiaries, BFL posted net profit of Rs 76 crore (Rs 27 crore). Deployment increased to Rs 2,774 crore (Rs 1,210 crore), aided by strong growth in consumer and small and medium enterprises business. Gross written premium for Bajaj Allianz Life Insurance Company decreased to Rs 2,256 crore (Rs 2,755 crore). New business premium fell to Rs 826 crore (Rs 1,087 crore). For Bajaj Allianz General Insurance gross written premium increased by 16 per cent to Rs 675 crore (Rs 583 crore). Improvement in claim ratio and higher investment income helped profit after tax to increase to Rs 35 crore (Rs 29 crore).

Bajaj Finserv will launch wealth management business through its wholly owned subsidiary – Bajaj Financial Solutions, in the fourth quarter of the current financial year, said the press release. Shares of Bajaj Finserv closed at Rs 434.2, up 4.8 per cent from the previous close of Rs 414.3, on the BSE, on Tuesday.

Published on January 19, 2011

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