Bajaj Finserv profit grows 42 pc in third quarter

Bajaj Finserv on Monday posted a 42 per cent growth in its profit to Rs 1,782 crore for the quarter ended 2022, against Rs 1,256 crore in the year-ago period.

The company's total income was Rs 21,755 crore for the reviewed quarter, against Rs 17,620 crore in the corresponding period the previous year, which is a surge of 23.46 per cent.

According to the statement shared with the exchanges, finance costs of the company went up to Rs 3,240.78 crore from Rs 2,444.53 crore. Total expenses of the firm surged 17.10 per cent to Rs 17,336.45 crore from Rs 14,370.55 crore in the year-ago period.

The company also said profit after tax of its subsidiary -- Bajaj Finance -- for the third quarter increased 40 per cent to Rs 2,973 crore, against Rs 2,125 crore in the year-ago period, mainly led by robust assets under management (AUM) growth. higher net interest income and better asset performance.

Bajaj Finance (BFL)'s gross non-performing asset (NPA) and Net NPA as on December 31, 2022, stood at 1.14 per cent and 0.41 per cent, respectively, as against 1.73 per cent and 0.78 per cent as on December 31, 2021. BFL holds a management and macro-economic overlay in provisions of Rs 1,000 crore as on December 31, 2022.

Bajaj Finserv is the holding company for the various financial services businesses under the Bajaj group.

Bajaj Finserv participates in the financing business through its 52.49 per cent holding in Bajaj Finance (BFL) and in the life, general and health insurance businesses through its 74 per cent holding in two unlisted subsidiaries, Bajaj Allianz General Insurance Company Limited (BAGIC) and Bajaj Allianz Life Insurance Company Limited (BALIC).

( With inputs from ANI )