PB Fintech is making headlines after it announced that its profits for the third quarter jumped a huge 88% compared to last year. This impressive increase was mainly because more people bought insurance policies through their popular online platforms, Policybazaar and Paisabazaar.
The company earned Rs 71.54 crore from July to September, while its total revenue rose by 48%, reaching Rs 1,292 crore. The best-performing area for PB Fintech was its insurance services, which grew by 62%. This means a lot more customers are choosing to buy health and life insurance through them, with premiums rising by 44%.
However, not everything is going smoothly; their credit business faced some struggles due to new rules from India’s central bank regarding loans that are not backed by collateral. This resulted in a 20% drop in money lent through their online credit service, with that section’s revenue declining by 18%.
On the bright side, total lending increased by 52% thanks to the introduction of a new secured credit service recently. Over the past year, PB Fintech’s shares have soared by about 84%, outperforming its competitors by nearly 66%. Additionally, the company has given over 109% returns in the last three years, delivering better results than its industry, sector, Nifty50, and Sensex.
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