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Bajaj Finserv Ltd (BFS), the holding company for the various financial services businesses under the Bajaj Group, reported a 32 per cent increase in consolidated net profit at ₹1,126 crore in the third quarter ended December 31, 2019, against ₹851 crore in the year-ago period.
BFS participates in the financing business through its 52.82 per cent holding in Bajaj Finance Ltd (BFL) and in the protection business through its 74 per cent holding in two unlisted subsidiaries – Bajaj Allianz General Insurance Company Ltd (BAGIC) and Bajaj Allianz Life Insurance Company Ltd (BALIC).
BFL’s consolidated net profit jumped 52 per cent year-on-year (y-o-y) to ₹1,614 crore in the reporting quarter against ₹1,060 crore in the year-ago period. BFL has two wholly-owned subsidiaries – Bajaj Housing Finance Ltd and Bajaj Financial Securities Ltd.
The non-banking finance company’s assets under management (AUM) grew 35 per cent y-o-y to stand at ₹1,45,092 crore as of December-end 2019. BAGIC’s net profit declined 15 per cent y-o-y to ₹191 crore in the reporting quarter against ₹224 crore in the year-ago quarter, mainly on account of higher claims.
The general insurer’s AUM increased by 14 per cent y-o-y to stand at ₹18,604 crore as of December-end 2019. As per BFS statement, BALIC shareholders’ net profit increased by 28 per cent y-o-y to ₹143 crore (₹112 crore in the year-ago quarter). On Wednesday, the shares of BFS closed at ₹9902.25 apiece, up 2.77 per cent over the previous close on the BSE.
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