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    Bajaj Finserv Q3 results: Profit surges 32% to Rs 1,126 crore; total income up 31%

    Synopsis

    Bajaj Finserv is the holding company of Bajaj group’s financial services businesses.

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    Consolidated total income increased 31 per cent year-on-year to Rs 14,561 crore.

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    NEW DELHI: Bajaj Finserv on Wednesday posted 32 per cent year-on-year rise in consolidated profit at Rs 1,126 crore for the quarter ended December 31. It had posted a profit of Rs 851 crore in the same period last year.

    Consolidated total income increased 31 per cent year-on-year to Rs 14,561 crore.

    Bajaj Finserv is the holding company of Bajaj group’s financial services businesses.

    “BAGIC and BALIC recorded strong growth in premium. BALIC’s assets under management crossed Rs 60,000 crore during the quarter. BAGIC’s profit, however, was affected by continued unseasonal rainfall, which extended well into Q3,” Bajaj Finserv said in a release.

    Bajaj Finserv participates in the financing business through its 52.82 per cent holding in Bajaj Finance (BFL) and in the protection business through its 74 per cent holding in two unlisted subsidiaries, Bajaj Allianz General Insurance Company (BAGIC) and Bajaj Allianz Life Insurance Company (BALIC).

    Earlier during the day, Bajaj Finance reported highest ever quarterly consolidated profit at Rs 1,614 crore in December quarter on the back of healthy interest income.

    The non-banking finance company posted a 52 per cent jump in Q3 profit compared with Rs 1,060 crore in the year-ago period.

    Total income of the company grew 41 per cent to Rs 7,026 crore for October-December against Rs 4,992 crore in a year-ago period, Bajaj Finance said in a regulatory filing.
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    The Economic Times