Bajaj Finserv: Q1 FY24 net profit rose by 48%

On July 27, Bajaj Finserv reported a 48.4% year-on-year increase in net profit at Rs 1,942.6 crore for the quarter ended in June 2023, as compared to Rs 1,309 crore during the same period in the previous year.

In comparison to the same time last year, the company's total income increased 46.5% YoY to Rs 23,280 crore from Rs 15,888.3 crore.

The significant growth resulted from Bajaj Finance recording its highest-ever quarterly increase in customer franchise of 3.84 million and highest-ever new loans booked of 9.94 million in Q1 FY24.

Bajaj Finance's consolidated profit after tax for the June quarter is Rs 3,437 crore, up 32% YoY, which also boosted Bajaj Finserv's results.

Bajaj Finserv is the holding company for Bajaj Finance. It owns a 52.49% stake in Bajaj Finance.

Bajaj Finserv Asset Management, also a part of the Bajaj Finserv unveiled its initial range of mutual fund schemes as liquid and overnight funds.

Source: Media Reports