Bajaj Finserv Q1 net up 51%

MUMBAI: Growth in advances, lower NPA, improvement in insurance claims and premium income helped Bajaj Finserv report an increase of 51% in profit after tax during the first quarter.Consolidated profit for the company went up to Rs 195 crore from Rs 129 crore in the first quarter last year.

The other two segments -life and non-life insurance business saw substantial increase in profit with the increase in sales of policies.

The life insurance arm saw profit increase to Rs 287 crore from Rs 279 crore. Though income from sales of new policies grew, renewal premium shrunk on the low base effect. Shareholders' profit went up by 40% to Rs 74 crore. Solvency ratio was a healthy 560% as on 30 June 2012.

The non-banking finance arm-Bajaj Finance saw Profit for the quarter go up to Rs 139 crore from Rs 91 crore. Deployments during the quarter went up 32% mainly due to consumer and retail lending. Net NPA for the quarter stood at 0.10%.
Shares of the Bajaj Finserv were up 0.26% to Rs 682 on Bombay Stock Exchange.