Bajaj Finserv Ltd. reported a 12.3% year-on-year increase in consolidated net profit for the June quarter, supported by strong growth across its financial services businesses.
Net profit rose to Rs 3,132 crore from Rs 2,789 crore a year ago, while total income increased 19.1% to Rs 42,037 crore from Rs 35,300 crore.
ALSO READ: Renewable Stocks Rally: Waaree, Premier Energies, Suzlon Recover After Q1 Earnings-Led Slide
The board approved pursuing a reinsurance business through a subsidiary to be incorporated, subject to regulatory approvals from the Insurance Regulatory and Development Authority of India (IRDAI) and other authorities.
The company also approved the issuance of 15.11 lakh equity shares to the Bajaj Finserv ESOP Trust under its employee stock option scheme.
Bajaj Finance added 5.1 million customers during the quarter and booked 16.13 million new loans. Consolidated assets under management (AUM) rose 24% year-on-year to Rs 5.47 lakh crore as of June 30, while Bajaj Housing Finance's AUM also grew 24% to Rs 1.50 lakh crore.
Asset quality improved, with gross NPA declining to 0.96% from 1.03% a year earlier and net NPA easing to 0.39% from 0.50%. The group's capital adequacy ratio stood at 20.9%, with Tier-I capital at 20.01%.
Among its other businesses, Bajaj Allianz Life reported an 87% growth in value of new business, while Bajaj Asset Management recorded an average quarterly AUM of Rs 33,027 crore.
The company said its emerging businesses, including health, direct, asset management and alternate investment management, continued to expand as planned.
ALSO READ: TCS, Infosys, Persistent Systems' Shares Slide Over 4% Today — Here's Why
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.