 "Bajaj Finserv net income jumps 42% to Rs 1,782 crore in Q3: Report")
Bajaj Finserv, holding company of Bajaj Group's financial services businesses, on Monday reported a 42 per cent growth in consolidated net profit at Rs 1,782 crore in the quarter ended December 2022, on high double-digits revenue growth.
The Pune-based company, which is into retail lending, life and general insurance, and wealth management, among others, said its consolidated revenue grew 23 per cent to Rs 21,755 crore during the reporting quarter.
Its flagship Bajaj Finance recorded highest ever quarterly profit after tax of Rs 2,973 crore, up 40 per cent on-year, while its wholly-owned subsidiary Bajaj Home Finance recorded a growth of 81 per cent in net profit.
Bajaj Allianz General Insurance gross written premium grew 29 per cent to Rs 3,821 crore, while the life insurer Bajaj Allianz Life recorded a growth of 22 per cent in individual rated new business premium at Rs 2,289 crore, down from Rs 2,377 crore.
Its individual rated new business premium rose 22 per cent to Rs 1,255 crore, but group protection new business declined to Rs 605 crore from Rs 717 crore.
However, the general insurance arm's net profit declined 9 per cent to 278 crore from Rs 304 crore and that of life insurance arm's too declined 8 per cent to Rs 81 crore from Rs 88 crore.
Assets under management (AUM) stood at Rs 2,30,842 crore, up 27 per cent from Rs 1,81,250 crore in December 2021. This includes an AUM of Rs 65,581 crore of Bajaj Home Finance, which grew 33 per cent from December 2021.
Gross NPAs (Non-Performing Assets) and net NPAs of Bajaj Finance declined to 1.14 per cent and 0.41 per cent, respectively as against 1.73 per cent and 0.78 per cent in December 2021. The company had provisioning coverage ratio of 64 per cent. 0The company holds an additional provision of Rs 1,000 crore as of December 2022.
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