Tag: Q1 net profit

New India Assurance Q1 net profit down 68.9%

Banking & Finance

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State-run New India Assurance registered a 68.9 per cent drop in its standalone net profit at ₹89.22 crore in the first quarter of the fiscal as against a net profit of ₹286.47 crore in the same period in 2020-21. For the quarter ended June 30, 2021, New India Assurance reported a 16.1 per cent jump in gross premiums written to ₹9,717.9 crore as against ₹8,368.37 crore a year ago.

Also read: RS passes general insurance Bill amid Opposition call to send it to select panel

Noting that the second wave of the pandemic was at its peak in the first quarter of the fiscal, Atul Sahai, CMD, New India Assurance said the insurer paid about ₹1,205 crore as Covid-19 related health claims. “The spurt in health loss ratio impacted the overall numbers though it was partially offset by better performance by the remaining lines,” he said, adding that adjusted for the Covid-19 related claims, the company has performed well in all operating parameters.

The general insurer’s incurred claim ratio rose to 92.91 per cent in the first quarter of the fiscal as against 66.28 per cent a year ago.

Solvency ratio was 2.00x as on June 30, 2021 from 2.11x a year ago.

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Shriram Housing Finance Q1 net profit up 82%

Banking & Finance

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Shriram Housing Finance reported an 81.8 per cent rise in its net profit to ₹10.87 crore for the first quarter of the fiscal as against ₹5.98 crore a year ago.

Its total revenue from operations shot up by 62.4 per cent to ₹115.39 crore in the quarter ended June 30, 2021from ₹71.06 crore a year ago.

Assets Under Management (AUM) grew by 65 per cent to ₹3,910 crore on a year-on-year basis. However, disbursements for the first quarter of the fiscal were subdued at ₹221 crore, impacted by state level lockdowns.

Asset quality improved marginally with gross stage 3 assets declining to 2.32 per cent as on June 30, 2021 compared to 2.34 per cent for same period last year.

“Restructuring has been contained at 1.8 per cent of the book during the second wave of Covid, while in the first wave restructured book was 1.5 per cent,”it said in a statement.

Impairment on financial instruments rose to ₹1.33 crore in the first quarter of the fiscal.

“As the fear of Covid recedes, we will embark on our growth plans and expand our branch network. We also intend to expand ‘Griha Poorti’, our cross sell program through the Shriram City branch network and aim to cover over 170 distribution points of Shriram City by March 2022. This program will strengthen our AUM growth over the next four to six quarters,” said Ravi Subramanian, Managing Director and CEO, Shriram Housing Finance.

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Bajaj Finserv Q1 net profit down 31.5%

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Bajaj Finserv reported a 31.5 per cent drop in its consolidated net profit to ₹832.77 crore for the quarter-ended June 30, 2021 as against ₹1,215.15 crore in the same period a year ago.

Its consolidated total income declined by 1.7 per cent to ₹13,949 crore in the first quarter of the fiscal as against ₹14,192 crore a year ago.

“After a brief recovery in the fourth quarter of 2020-21, economic conditions worsened in the first quarter of 2021-22 as the second wave of Covid spread across the country accompanied by localised lockdowns in many States. Sales of consumer durables and motor vehicles were affected in many States and, consequently, risk levels remained elevated in the quarter,” Bajaj Finserv said in a statement on Wednesday.

Insurance business

The life insurance business, in particular, recorded strong growth in the first quarter this fiscal, well above the industry growth, it further said.

Bajaj Allianz Life Insurance reported a 35.4 per cent drop in the shareholders’ net profit to ₹84 crore in the quarter-ended June 30, 2021 as against ₹130 crore a year ago. The decline in profit was mainly due to Covid-19 claims.

Gross written premium increased by 48 per cent to ₹2,516 crore in the first quarter this fiscal versus ₹1,700 crore in the same period last fiscal.

It reported a solvency ratio of 648 per cent as on June 30, 2021.

Bajaj Allianz General Insurance saw its net profit fall by 8.4 per cent to ₹362 crore in Q1FY22 as against ₹395 crore in the corresponding period of last fiscal.

Gross written premium for the first quarter increased by nine per cent to ₹2,494 crore versus ₹2,289 crore in the first quarter of 2020-21.

The insurer did not write any crop insurance business during the quarter. Its combined ratio stood at 103.4 per cent as on June 30, 2021.

Bajaj Finance reported a four per cent year on year growth in its consolidated net profit to Rs 1,002 crore in the first quarter this fiscal.

In a separate stock exchange filing, Bajaj Finserv said its board of directors has approved an investment of Rs 342 crore in its wholly owned subsidiary Bajaj Finserv Direct, which is into distribution of financial products through digital marketplace.

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