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Bajaj Finserv Ltd.’s consolidated topline growth came in at ~16% YoY to Rs 20802 crore, primarily led by a healthy revival in the lending business.
Lower provisioning in the lending business and profitability in life insurance led to consolidated earnings at Rs 1556.9 crore; up 38.7% YoY.
In the lending business, assets under management growth at 30.8% YoY to Rs 218366 crore, with steady margins and steady opex and provision led to robust growth in earnings.
Gross non-performing asset and net non-performing asset were at 1.17% and 0.44% as of Q2 FY23 against 1.25% and 0.50%, respectively, as of Q1 FY23.
Bajaj Finserv’s gross written premium in general insurance declined 5% YoY to Rs 4781 crore. Excluding crop and government business, gross premium increased 13% YoY to Rs 3088 crore.
In H1 FY23, motor business grew 12% with two-wheeler growth at 23%, commercial vehicle at 14% and four-wheeler at 8%. Commercial lines business growth remained healthy at 15.3%.
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