Bajaj Finserv Ltd on a consolidated basis has posted a net profit of Rs. 170 crore for the quarter ended December 31, 2011, a growth of 59% over that in the same quarter of last year (Rs.107 crore).
The total income for the company, which is the financial services arm of the Bajaj Group, stood at Rs 825 crore against Rs 532 crore during Q3 11, a growth of 55% year on year.
The company’s subsidiary Bajaj Finance Ltd showed a 58% growth in its PAT in the comparable quarters to stand at Rs 120 crore. Deployments during Q3 12 were 68% higher at Rs 4,649 crore against Rs 2,774 crore during Q3 11. The total assets under management as on Dec 31, 2011 stood at Rs 11,919 crore.
Bajaj Finserve’s second subsidiary Bajaj Allianz General Insurance Company (BAGIC) showed a 15% rise YoY in its gross written premium which stood at Rs 775 crore v/s Rs 675 crore in Q3 FY11. The company posted a net profit of Rs 60 crore v/s Rs 35 crore, an increase of 71% yoy.
Its life insurance subsidiary Bajaj Life Insurance Company (BALIC) posted a 26% decline in it gross written premium which stood at Rs 1,674 crore during Q3 12 vs Rs 2,256 crore in Q3 11. New business premium for was Rs 653 crore against Rs 826 crore in the respective quarters. The renewal premium was also lower by 29% to stand at Rs 1,021 crore (Rs 1430 crore).
The decline in new business premium during the quarter under review was 21% compared to 37% and 38% respectively the first two quarter of FY 12.