Bajaj Finserv net profit rises 31%, announces dividend of Rs 0.8 per share

The consolidated net profit of Bajaj Finserv rose 31 per cent to Rs 1,769 crore in the quarter ending March 31 as compared to Rs 1,346 crore in the same quarter last year. The total consolidated income during the March 2023 quarter increased to Rs 23,625 crore, as against Rs 18,862 crore in the corresponding period of the previous financial year.

For the financial year 2022-23, the company witnessed 41 per cent increase in profit at Rs 6,417 crore, as against Rs 4,557 crore in the previous year.

"With Covid-19 threat having waned, there was significant increase in vehicles on the road and non-Covid treatments which had been postponed earlier, resulting in higher frequency of claims for the general insurance sector. In this environment of higher interest rates and insurance claims, our companies continued to do well," the company said.

Among all its subsidiaries, Bajaj Finance recorded the highest rise in net profit in 2022-23 to Rs 11,508 crore.

Bajaj Finserv's total income during the quarter rose 25 per cent to Rs 18,862 crore as compared to Rs 23,625 crore last year.

The general insurance arm of the group, Bajaj Allianz General Insurance Company, saw a 30 per cent rise in its profit to Rs 322 crore. The gross written premium was up 14 per cent to Rs 3,766 crore.

BAGIC recorded its highest-ever gross written premium during the year at Rs 15,487 crore.

For Bajaj Allianz Life Insurance Company, the gross written premium rose 13 per cent to Rs 6,434 crore. The new business premium rose 2 per cent and was at Rs 3,297 crore.

The board of directors of Bajaj Finserv recommended a dividend of Rs 0.8 per share. If approved, it will be credited to the demat accounts of the shareholders on July 28.

(With agency inputs)