Bajaj Finserv Reports 10% Increase in Q1 Profit

Bajaj Finserv Ltd (BFL) reported a 10% rise in consolidated net profit, reaching Rs 2,138 crore for Q1 ending June 2024, compared to Rs 1,943 crore last year. Total income rose to Rs 31,480 crore, and expenditure increased to Rs 25,514 crore. Its subsidiaries also saw profit increases.

Bajaj Finserv Ltd (BFL) reported a significant increase in consolidated net profit, up 10% to Rs 2,138 crore for the first quarter ending June 2024, compared to Rs 1,943 crore in the same period last year.

According to a regulatory filing, the company's total income during the quarter surged to Rs 31,480 crore from Rs 23,280 crore a year ago.

Total expenditure also rose sharply to Rs 25,514 crore, compared with Rs 18,157 crore in the corresponding quarter of 2023.

Bajaj Finserv is the holding company for various financial services businesses under the Bajaj group.

Notably, its subsidiary Bajaj Allianz General Insurance reported a 39% jump in profit, reaching Rs 576 crore for the quarter.

Another key subsidiary, Bajaj Allianz Life Insurance, similarly saw its profit increase to Rs 104 crore from Rs 94 crore in the same quarter last year.

(With inputs from agencies.)