Bajaj Finserv posts 14% rise in net profit at Rs 1,122 crore in Q2

Bajaj Finserv on Thursday reported a nearly 14 per cent increase in its consolidated net profit at Rs 1,122 crore in the second quarter ended September 2021.

The company had posted a net profit of Rs 986 crore during the same period a year ago.

Consolidated total income during Q2 FY22 rose to Rs 18,008 crore, from Rs 15,052 crore in Q2 FY21, Bajaj Finserv said in a release.

New loans booked during the quarter under review were 6.33 million (63.3 lakh) as against 4.63 million (46.3 lakh) in Q1 FY22 a healthy increase of 37 per cent sequentially, it said.

New loans booked are close to pre-pandemic level of 6.47 million in Q2 FY20.

After the disruption caused by the second wave of Covid-19 in Q1 FY22, recovery gathered momentum in the second quarter of this fiscal on the back of reopening of the economy in most states, rapid vaccinations and continued policy support, Bajaj Finserv said.

The company and its subsidiaries took the initiative in arranging vaccinations for employees and their families.

"Under these improved circumstances, our businesses have shifted focus to growth and remain cautiously optimistic about the prospects for rest of the year," it said.

Shares of Bajaj Finserv were trading at Rs 18,172.35 apiece in late afternoon deals on the BSE, up 0.88 per cent from the previous close.