India's PB Fintech reports sharp rise in Q3 profit on insurance boost

PB Fintech

30/01/2025 12:57

Jan 30 (Reuters) - India's PB Fintech  PBFI.NS  reported
a sharp jump in third-quarter profit on Thursday, aided by
rising sales of insurance policies.
    The company's consolidated net profit rose 88% from a year
earlier to 715.4 million rupees ($8.26 million) for the three
months ended Dec. 31.
    Analysts said PB Fintech continues to benefit from
increasing demand in India's largely untapped insurance policy
aggregator sector, aided by improving financial awareness and
income levels.
    The company operates online insurance aggregator
Policybazaar and credit marketplace Paisabazaar.
    PB Fintech's revenue from operations rose 48% to 12.92
billion rupees, led by a 62% jump in insurance broker services,
its largest segment.
    The company's insurance premium grew 44%, mainly from a 47%
growth in new health and life insurance premium.
    Meanwhile, its credit business, which took a hit following
the Indian central bank's crackdown on unsecured lending,
continued to face slowdown.
    PB Fintech said its disbursal in the online credit business
was down 20% year-on-year, with revenue from the segment
dropping 18%.
    However, its total lending disbursal rose 52%, led mainly by
the new secured credit business which was started in the
previous quarter.


($1 = 86.6000 Indian rupees)

 (Reporting by Nishit Navin in Bengaluru; Editing by Varun H K)
 ((Nishit.Navin@thomsonreuters.com;))