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Bajaj Finserv consolidated net up 41Percent to Rs 614 crore
Financial services company Bajaj Finserv today reported a 41 per cent jump in its consolidated net profit at Rs 614 crore profit in the quarter ended December as against Rs 437 crore
Mumbai: Financial services company Bajaj Finserv today reported a 41 per cent jump in its consolidated net profit at Rs 614 crore profit in the quarter ended December as against Rs 437 crore in the same period last year. "Growth was seen in all the verticals. Demonetisation had some adverse impact on our general insurance and financing businesses. However, our companies were able to overcome the effect of this," said the company's Chief Financial Officer, S Sreenivasan,.
Gross revenue grew 27 per cent to Rs 6,834 crore from Rs 5,396 crore in the year-ago period. It's non-banking finance arm, Bajaj Finance, reported a 36 per cent jump in its profit after tax at Rs 556 crore in the quarter from Rs 408 crore last year same period. Total income grew 32 per cent to Rs 2,729 crore from Rs 2,069 crore in the third quarter last year. Assets under management (AUM), as of December 31, was Rs 57,605 crore from Rs 43,452 crore last year. Consumer loans grew 47 per cent to Rs 26,997 crore from Rs 18,382 crore. SME book grew 10 per cent to Rs 21,079 crore from Rs 19,146 crore. "We were cautious in the SME segment post demonetisation and so the growth was only 10 per cent. We think normalcy in the segment will take some more time," Bajaj Finance Managing Director Rajeev Jain said. Gross NPA and net NPA of the company stood at 1.47 per cent and 0.39 per cent, respectively.
Jain said the company did not opt for 90-day relaxation extended by RBI for recognition of loan accounts as NPA after the Government's move to demonetise high value old currency notes. During the quarter, it sold NPA receivables worth Rs 92 crore across consumer and SME businesses on cash basis. Bajaj Finserv's general insurance arm, Bajaj Allianz General Insurance, posted 190 per cent rise in profit after tax at Rs 197 crore from Rs 68 crore in the year-ago period. Gross written premium increased by 28 per cent to Rs 1,722 crore from Rs 1,348 crore. Bajaj Allianz Life Insurance gross written premium increased by 21 per cent to Rs 1,485 crore as against Rs 1,225 crore. New business premium rose 45 per cent to Rs 782 crore from Rs 538 crore.
