Bajaj Finance : Bajaj Finserv Reports 20% Profit Jump in Q4
Bajaj Finance (part of Bajaj Finserv) outperformed a day earlier, with profit rising 21% and AUM growing 34%.
Bajaj Finserv Ltd. saw a significant increase in profit for the last quarter of the financial year 2023-24. Their net profit went up by 20% compared to last year, reaching Rs 2,119 crore. This growth is largely due to the strong performance of Bajaj Finance Ltd., a subsidiary of Bajaj Finserv. The company’s total income also rose substantially, by 35.6% year-on-year, to Rs 32,041.93 crore.
Bajaj Finserv Ltd. also announced a dividend payout to its shareholders. The board suggested a dividend of Rs 1 per share, which represents 100% of the face value of each share (Rs 1). This translates to a total dividend payout of Rs 159.55 crore, which is higher compared to the previous year’s Rs 127.43 crore. [This information is based on a press release from the company.]
Bajaj Finance Reports Strong Q4 with Profit and AUM Growth
Bajaj Finance delivered impressive financial results for the fourth quarter of FY24. The company’s consolidated profit after tax jumped by 21% to Rs 3,825 crore compared to the same period last year. This positive performance was driven by a significant increase in Assets Under Management (AUM).
AUM Soars 34%
Bajaj Finance’s AUM witnessed a substantial rise of 34% year-on-year, reaching Rs 3.31 lakh crore as of March 31, 2024. This growth was fueled by a 32% increase in the AUM of Bajaj Housing Finance Ltd., a subsidiary of Bajaj Finance, which stood at Rs 91,370 crore at the end of the quarter.
Profitability on the Rise
Bajaj Finance also reported a healthy increase in net interest income. It grew by 28% compared to Q4 FY23, reaching Rs 8,013 crore from Rs 6,254 crore. This indicates strong growth in the company’s core lending business.
Maintaining Asset Quality
Despite the expansion, Bajaj Finance maintained a healthy asset quality. The company’s Gross Non-Performing Assets (NPA) and Net NPA ratios stood at 0.85% and 0.37% respectively as of March 31, 2024. These figures are slightly lower compared to the previous year, indicating effective management of loan defaults.
Strong Capital Adequacy
Bajaj Finance’s capital adequacy remains robust. The company boasts a provisioning coverage ratio of 57% on stage 3 assets, demonstrating sufficient reserves to cover potential loan losses. Additionally, the Capital Adequacy Ratio (CRAR), including Tier-II capital, stood at a comfortable 22.52% as of March 31, 2024, with Tier-I capital at 21.51%. This strong capital base allows Bajaj Finance to support future growth.
Bajaj Allianz General Insurance Reports Profit and Premium Growth in Q4
Bajaj Allianz General Insurance Company (BAGIC) delivered positive financial results for the January-March 2024 quarter (Q4FY24).
Profit Upward Trend
The company’s net profit witnessed an 18% year-on-year increase, reaching Rs 380 crore in Q4FY24 compared to Rs 322 crore in the same period last year. This indicates a strong performance in terms of profitability.
Growth in Gross Written Premium
BAGIC’s gross written premium also saw significant growth. The overall gross written premium surged by 32% to Rs 4,962 crore in Q4FY24, compared to Rs 3,766 crore in Q4FY23. However, it’s important to note that this increase includes tender-driven crop and government health insurance premiums.
Excluding these categories, BAGIC’s core business still achieved a noteworthy 13% growth in gross written premium, reaching Rs 3,780 crore in Q4FY24 from Rs 3,345 crore in Q4FY23.
Other Key Metrics Show Positive Performance
Several other financial metrics for BAGIC reflected positive trends in Q4FY24:
- Net earned premium increased by 17% to Rs 2,338 crore compared to Rs 1,990 crore in Q4FY23.
- Investment and other income (net) grew by 31% to Rs 566 crore, up from Rs 431 crore in Q4FY23. Even excluding profit on sale of investments, this income category showed a healthy growth of 17%.
- Assets Under Management (AUM) represented by cash and investments also witnessed a 12% increase, reaching Rs 31,196 crore as of March 31, 2024, compared to Rs 27,809 crore as of March 31, 2023.
Overall, Bajaj Allianz General Insurance Company’s Q4FY24 results demonstrate growth in profitability, premiums, and investments, indicating a strong financial performance.
Bajaj Allianz Life Insurance Sees Profit and Premium Surge in Q4
Bajaj Allianz Life Insurance Company reported impressive financial results for the fourth quarter of FY24 (Q4FY24). The company experienced significant growth in profitability, premiums, and investments.
Profitability Soars
Shareholders’ profit after tax jumped substantially by 311% in Q4FY24, reaching Rs 106 crore compared to Rs 26 crore in the same period last year. This remarkable increase highlights a strong performance in terms of profitability.
Premium Growth Across the Board
Renewal premiums, which represent recurring income from policyholders, witnessed a significant rise of 35% in Q4FY24. The company collected Rs 4,230 crore in renewal premiums compared to Rs 3,137 crore in Q4FY23.
Overall gross written premium, which includes both new and renewal premiums, also saw a healthy increase of 27%. It reached Rs 8,183 crore in Q4FY24 from Rs 6,434 crore in Q4FY23. This indicates a strong performance in generating new business.
Investment Growth Strengthens Financial Position
Bajaj Allianz Life Insurance Company’s Assets Under Management (AUM) represented by total investments also grew steadily. As of March 31, 2024, the AUM stood at Rs 1.09 lakh crore, reflecting a 21% increase compared to Rs 90,584 crore as of March 31, 2023. This growth strengthens the company’s overall financial position.
In summary, Bajaj Allianz Life Insurance Company’s Q4FY24 results showcase robust growth in profitability, premiums, and investments, indicating a positive financial outlook.