Bajaj Finserv Q1: Net profit rises 18% to ₹6,297 crore; board approves re-insurance business plans

Bajaj Finserv reported an 18% year-on-year rise in consolidated net profit at ₹6,297 crore for the first quarter, compared with ₹5,329 crore in the same period last year.

The company’s net interest income (NII) increased 20% year-on-year to ₹14,528 crore from ₹12,083 crore in the year-ago quarter.

Bajaj Finserv’s board has approved pursuing the re-insurance business, subject to obtaining necessary regulatory approvals.

In a separate regulatory filing, the company said its board approved the issue of 15,11,358 equity shares to Bajaj Finserv ESOP Trust under its Employee Stock Option Scheme.

The shares, having a face value of ₹1 each, will be issued at respective grant prices to facilitate employee stock option exercises.

The total issue size of these shares will aggregate to around ₹196.08 crore at the respective grant prices. The new shares will rank pari passu with existing equity shares.

Following the earnings announcement, shares of Bajaj Finserv gained 5.03% on the BSE, trading at ₹2,005.10, up ₹96.05 from the previous close.

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