Bajaj Finserv net income climbs 42% to Rs 1,782 crore

 Bajaj Finserv net income climbs 42% to Rs 1,782 crore

Bajaj Finserv, the holding company of Bajaj Group's financial services businesses, 42 percent increase in consolidated net profit at Rs 1,782 crores in the latest quarter December 2022, on high double-digit 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 percent to Rs 21,755 crore during the reporting quarter.

Its flagship Bajaj Finance recorded the highest ever quarterly profit after tax of Rs 2,973 crore, up 40 percent on-year, while its wholly-owned subsidiary Bajaj Home Finance recorded a growth of 81 percent in net profit.

Bajaj Allianz General Insurance's gross written premium grew 29 percent to Rs 3,821 crore, while the life insurer Bajaj Allianz Life recorded a growth of 22 percent in individual-rated new business premium at Rs 2,289 crore, down from Rs 2,377 crores.

Its individual-rated new business premium rose 22 percent 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 percent to 278 crores from Rs 304 crores and that of the life insurance arm's too declined 8 percent to Rs 81 crores from Rs 88 crores.

Assets under management (AUM) stood at Rs 2,30,842 crore, up 27 percent 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 percent from December 2021.

Gross NPAs (Non-Performing Assets) and net NPAs of Bajaj Finance declined to 1.14 percent and 0.41 percent, respectively as against 1.73 percent and 0.78 percent in December 2021. The company had a provisioning coverage ratio of 64 percent. 0The company holds an additional provision of Rs 1,000 crore as of December 2022.