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ICICI Direct Report
Bajaj Finserv Ltd. reported steady traction in its lending business.
With slower premium accretion for Bajaj Finserv, consolidated topline was up 5.8% YoY to Rs 15052 crore, lower compared to earlier run rate, due to moderation in the lending business.
While the insurance business witnessed an improvement in earnings, contingent provisioning of Rs 1370 crore impacted consolidated earnings reported at Rs 986 crore, down 18% YoY.
Amid lockdown and risk aversion, asset under management remained flat at Rs 137300 crore. Subsequently, net interest income growth came in at 4% YoY to Rs 4158 crore.
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