The Business Bytes
New Delhi, July 24, 2024 (TBB Bureau): Bajaj Finserv Ltd (BFL) on Wednesday announced a 10% increase in consolidated net profit, reaching Rs 2,138 crore for the first quarter ending June 2024. This is an improvement from the Rs 1,943 crore profit reported in the same period last year.
According to a regulatory filing, the company’s total income for the quarter rose to Rs 31,480 crore, compared to Rs 23,280 crore in the previous year. BFL serves as the holding company for the Bajaj group’s various financial services businesses.
Total expenditure also increased, climbing to Rs 25,514 crore from Rs 18,157 crore in the corresponding quarter of the previous year.
Among its subsidiaries, Bajaj Allianz General Insurance experienced a 39% increase in profit, amounting to Rs 576 crore. Meanwhile, Bajaj Allianz Life Insurance saw its profit rise to Rs 104 crore, up from Rs 94 crore in the same quarter last year.
