Bajaj Finserv Ltd. Reports a Strong Q3FY23 Performance

Key Financial Highlights

• Total income increased by 17% to Rs. 12,972 crore.
• Net profit rose by 23% to Rs. 2,505 crore.
• Loan assets under management (AUM) grew by 22% to Rs. 1.50 lakh crore.

Business Highlights

Bajaj Finserv's strong financial performance was driven by its diversified business segments. The life insurance business saw a 20% growth in new business premium income, while the general insurance business recorded a 14% growth in gross written premium.

The lending business, which includes consumer finance, commercial lending, and rural lending, also performed well. The consumer finance business saw a 20% growth in its loan book, while the commercial lending business recorded a 25% growth. The rural lending business also saw a strong growth of 15%.

Outlook

Commenting on the results, Sanjiv Bajaj, Chairman and Managing Director of Bajaj Finserv, said, "We are pleased with our performance in Q3FY23. Our diversified business model helped us deliver strong growth across all our segments."

Bajaj added, "We believe that the outlook for the financial services sector remains positive. We will continue to focus on our customer-centric approach and operational efficiency to drive sustainable growth in the future."

Wikipedia

Startuptalky