Bajaj Finserv Q2 results: PAT up 14% on-year to Rs 1,122 cr on biz revival

Bajaj Finserv on Thursday posted a 14 per cent year-on-year (YoY) jump in its consolidated net profit at Rs 1,122.1 crore for the September quarter (Q2 FY22). 

The non-bank lender logged a 19.7 per cent YoY rise in its consolidated revenue from operations at Rs 18,008.2 crore for the said quarter. 

The revival in business gathered momentum after the disruption caused the second wave of the COVID-19 pandemic on the back of reopening of the economy in many states, policy support and rapid pace of vaccinations. 

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The non-bank lender further stated that the business has now moved focus to growth and continues to be "cautiously optimistic" about its outlook for the rest of the current financial year. 

Meanwhile, Bajaj Finserv's subsidiary Bajaj Allianz General Insurance posted a 28 per cent on-year increase in net profit to Rs 425 crore in the September quarter. 

The business' gross written premium rose 21 per cent YoY to Rs 5,034 crore in the quarter.

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Bajaj Allianz Life Insurance also logged a strong quarter of earnings as new business premium jumped 62 per cent YoY to Rs 2,227 crore in the reported quarter. 

Renewal premium in the quarter also climbed 22 per cent, while gross written premium was up 42 per cent. The private insurer's net profit rose to Rs 104 crore in the September quarter from Rs 98 crore in the year-ago period, Bajaj Finserv said.