Monday, March 20, 2023

Bajaj Finserv posts 42% growth in Q3 net profit to ₹1,782 crore

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Bajaj Finserv on Monday posted a profit growth of 42 percent to ₹1,782 crore for the quarter ended 2022, up from ₹1,256 crore in the same period a year ago.

The company’s total income was ₹21,755 crore for the quarter under review, against ₹17,620 crore in the corresponding period last year, which is an increase of 23.46 percent.

According to the statement shared with the exchanges, the company’s borrowing costs increased from ₹ 2,444.53 crore to ₹ 3,240.78 crore. The company’s total expenses increased by 17.10 percent to ₹17,336.45 crore from ₹14,370.55 crore in the same period a year ago.

The company also said after-tax profits from its subsidiary – Bajaj Finance – for the third quarter increased by 40 percent to ₹ 2,973 crore from ₹ 2,125 crore in the same period a year ago, mainly led by robust growth in assets under management (AUM). higher net interest income and better asset performance.

Bajaj Finance’s gross non-performing assets (NPA) and net NPA (BFL) as of December 31, 2022 were 1.14 percent and 0.41 percent, respectively, compared to 1.73 percent and 0.78 percent as of December 31. 2021. BFL has a management and macroeconomic overlay in provisions of ₹1,000 crore as of 31 December 2022.

Bajaj Finserv is the holding company of the various financial services companies under the Bajaj group.

Bajaj Finserv participates in the financing business through its 52.49 percent interest in Bajaj Finance (BFL) and in life, non-life and health insurance through its 74 percent interest in two privately held subsidiaries, Bajaj Allianz General Insurance Company Limited ( BAGIC) and Bajaj Allianz Life Insurance Company Limited (BALIC).

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