Bajaj Finserv reported its September quarter on Wednesday afternoon.

What Happened: Bajaj Finserv reported a net profit of ₹2,086.97 crore, which increased by 8.19% from the previous year. The NBFC’s revenue rose 29% year on year to ₹33,703.34 crore. In the previous year, the company posted a net profit of ₹1,928.96 crore and a revenue of ₹26,022.26 crore.

Bajaj Finserv’s customer franchise increased by 39.8 crore in the September quarter. Its new loans booked reached 96.9 crore in the quarter.

See Also: What To Expect From Hindustan Unilever’s Q2 Earnings

The company’s subsidiary Bajaj Alliance General Insurance Company’s gross written premium fell by 20% to ₹5,871 crore while its net earned premium declined by 18% to ₹2,660 crore.

Bajaj Alliance Life Insurance Company’s new business premium increased by 14% to ₹3,202 crore while its gross written premium reached ₹6,544 crore, increasing by 23%.

Bajaj Finserv earlier said in the week that Allianz SE is considering a withdrawal from its insurance joint ventures with the company. Bloomberg reported that Allianz is considering exiting Bajaj Allianz Life Insurance and Bajaj Allianz General Insurance as the Indian company is not allowing the German counterpart to raise its stakes in the joint ventures at discounted rates.

Bajaj Group holds a 74% stake in the business while Allianz holds 26%.

Price Action: Shares of Bajaj Finserv rose 2.03% to ₹1,766.75 on Wednesday.

Read Next: Tata Motors’ JLR Inaugurates Open Innovation Hub In India To Drive Advanced Mobility Solutions