Bajaj Finance on Tuesday reported strong results with net profits rising 84 per cent for the quarter ended December 31, 2021. Standalone net profits rose to Rs 1,933.85 crore compared with Rs 1,048.58 crore in the same period of the previous year.
Consolidated net profit grew to a record Rs 2,125 crore against Rs 1,146 crore in the year ago period. The consolidated results of BFL include the numbers of its wholly owned subsidiaries — Bajaj Housing Finance Ltd and Bajaj Financial Securities.
The better-than-expected show in its bottomline came on the back of a robust growth in its income. Net interest income (NII-interest earned minus interest paid) rose 40 per cent at a consolidated level to Rs 6,000 crore against Rs 4,296 crore in the corresponding period of the previous year.
Bajaj Finance said its assets under management grew 26 per cent to Rs 181,250 crore as of December 31, 2021 from Rs 143,550 crore a year ago.
ICICI Pru Life
ICICI Prudential Life Insurance on Tuesday reported a marginal 2 per cent year-on-year growth in its net income at Rs 311 crore for the December 2021 quarter, on higher sales of policies.
The company has reported a 20 per cent growth in the value of the new business at Rs 515 crore, while margins rose to 26.7 per cent in the quarter.