You are here: Home » Companies » Results
Business Standard

Bajaj Finserv consolidated PAT slips 2.63% to Rs 1,256 cr in Q3

The company's consolidated total income stood at Rs 17,620 crore in the latest December quarter compared to Rs 15,961 crore in the year-ago period

Topics
Bajaj Finserv

Press Trust of India  |  Mumbai 

Bajaj Finserv

Diversified financial services firm Ltd (BFS) on Thursday reported a 2.63 per cent decline in its consolidated profit after tax at Rs 1,256 crore in the quarter ended December 31, 2021.

In the year-ago period, the same stood at Rs 1,290 crore.

The company said under Ind AS, its insurance subsidiaries -- Bajaj Allianz Life Insurance Ltd (BALIC) and Bajaj Allianz General Insurance Ltd (BAGIC) -- have chosen to hold a large part of the equity securities portfolio at fair value through profit and loss account.

Profit after Tax (PAT) includes unrealised Mark-To-Market (MTM) losses on equity investments measured at fair value through profit and loss of BALIC and BAGIC of Rs 38 crore in Q3 FY22 as compared to MTM gains of 384 crore in Q3 FY21, as per the company's investor presentation submitted to the stock exchanges.

The company's consolidated total income stood at Rs 17,620 crore in the latest December quarter compared to Rs 15,961 crore in the year-ago period.

Bajaj Finance reported an 85 per cent jump in consolidated profit after tax at Rs 2,125 crore. The same stood at Rs 1,146 crore in the corresponding quarter of previous fiscal.

The rise in profit was mainly on account of robust Assets Under Management (AUM) growth, higher net interest income and better asset performance, it said in a release.

The AUM increased by 26 per cent to Rs 181,250 crore as at December 31, 2021. In the year-ago period, the same stood at Rs 143,550 crore.

Bajaj Allianz General Insurance Company's profit after tax declined to Rs 304 crore in the third quarter of this fiscal compared to Rs 330 crore in Q3 FY21.

Its gross written premium stood at Rs 2,959 crore in Q3 FY2022 as against Rs 3,392 crore in Q3 FY21. The claims ratio increased to 69.6 per cent in Q3 FY22 from 66.6 per cent in the year-ago period.

Bajaj Allianz Life Insurance Company's new business premium stood at Rs 2,377 crore in the latest December quarter compared to Rs 1,706 crore in Q3 FY21. Its renewal premium for Q3 FY22 was Rs 1,702 crore as against Rs 1,441 crore in the same period a year ago.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Thu, January 20 2022. 17:48 IST
RECOMMENDED FOR YOU
.