Bajaj Finserv Q2 profit jumps 71% YoY to Rs 1,204 crore on strong revenue growth
The firm had posted a net profit of Rs 923 crore in the same quarter last year.
Its consolidated total income for the quarter rose 47 per cent YoY to Rs 14,224 crore.
Of the total income, premium and other operating income from insurance business for September qaurter rose to Rs 6,609.34 crore from Rs 4,632.81 crore a year ago. Interest income rose 37.62 per cent YoY to Rs 6,145.97 crore from Rs 4,465.61 crore.
Fees and commission income in Q2FY20 jumped to Rs 628.37 from Rs 259.36 crore in the same quarter last year.
Revenues from insurance business rose to Rs 7,904.85 crore from 5,403.69 crore posted a year earlier.
Revenues from retail financing business for the quarter under review stood at Rs 6,322.79 crore against Rs 4,296.36 crore posted a year ago.
Bajaj Finserv is the holding company for the various financial services businesses under the Bajaj group. It participates in the financing business through its 54.81 per cent holding in Bajaj Finance Limited (BFL) and in the protection business through its 74 per cent holding in two unlisted subsidiaries, Bajaj Allianz General Insurance Company Limited (BAGIC) and Bajaj Allianz Life Insurance Company Limited (BALIC).
Bajaj Housing Finance Limited (BHFL), which does mortgage business, is a wholly-owned subsidiary of Bajaj Finance.
“In the wake of economic conditions continuing to be sluggish with Q1 FY20 GDP growth coming in at 5 per cent and sales of automobiles showing sharp reductions on a year-on-year basis, the Government and the,” the company said in a press release.
“Under these difficult conditions, all the three businesses performed very well and the company has been able to record significant increases in consolidated revenue and profit after tax,” it added.