Bajaj Finserv Q1 net up 18% on NBFC strength

Mumbai: Bajaj Finserv, which holds a host of businesses including mortgages, unsecured lending and insurance, reported an 18% year-on-year rise in consolidated net profit for the June quarter, driven by strong earnings growth in consumer finance, even as profits at general and life insurance units declined.

The financial services conglomerate posted a consolidated profit after tax of ₹6,297 crore during the quarter, compared to ₹5,329 crore a year earlier.

The growth was led by Bajaj Finance, where profit after tax rose 28% to ₹6,081 crore.


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Bajaj Housing Finance, its mortgage subsidiary, reported a 23% increase in profit after tax to ₹715 crore during the quarter. Bajaj Allianz General Insurance reported a 28% decline in profit after tax to ₹478 crore , while Bajaj Allianz Life Insurance's profit after tax fell 70% to ₹51 crore.