Bajaj Finserv reports mixed bag performanceBAJAJFINSV - 12562 Change: 147.85 (1.19 %)
News: For Bajaj Finserv, consolidated topline growth came healthy at ~10.4% YoY to Rs.17620 crore, owing to strong revival in lending business and healthy premium offtake in life insurance. Consolidated earnings reported is at Rs.1256 crore; down 2.6% YoY. Consolidated AUM witnessed YoY growth of 26.3% YoY to Rs.181250 crore. Strong NII growth was driven by healthy expansion in net interest margins. Provisions for Q3FY22 declined 19% QoQ and 22% YoY to Rs.1051 crore. Asset quality performance was healthy as GNPA and NNPA declined by 72 bps and 32 bps QoQ to 1.73% and 0.78% respectively. Gross written premium in general insurance declined 13% YoY to Rs.2959 crore. Life insurance gross written premium grew 30% YoY to Rs.4079 crore.
Views: We believe Bajaj Finserv reported good numbers in lending segment, driven by uptick in Consumer business and commercial lending. General insurance reported weaker numbers on sequential basis. Life insurance reported muted PAT numbers despite strong premium growth. On overall basis the strong numbers by lending business have partially offset weak numbers in insurance segments. Management commentary will be a key to watch out for further details.