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

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 rose 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).

ALSO SEE:
CPP Investments commits $205 million to Indospace’s new fund to build industrial, logistics parks in India
Adani Enterprises FPO subscribed just 2% amid allegations by Hindenburg Research