Bajaj Finance on Friday reported a 39.9 per cent jump net profit to a record Rs 2,973 crore for the quarter ended December 2022 compared with the corresponding period a year ago, almost in line with analysts' estimates.

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Pune-based Bajaj Finance's interest income increased to Rs 9,273.4 crore for the three-month period, up 27.6 per cent on a year-on-year basis, according to a regulatory filing. 

The non-banking financial company's net interest income (NII) — or the difference between interest earned and interest paid — expanded 24 per cent to Rs 7,435 crore compared with the year-ago period. 

According to Zee Business research, Bajaj Finance's quarterly net profit was estimated at Rs 3,000 crore and NII at Rs 5,930 crore.

The company's assets under management (AUM) grew 27.4 per cent on a year-on-year basis to Rs 2,30,842 crore, according to a company statement. That was slower than year-on-year AUM growth of 31 per cent in the July-September period.   

Bajaj Finance said it booked 7.84 million new loans during the three-month period — its highest ever in a quarter. 

The company's asset quality remained steady, reflected in its gross non-performing assets (NPAs) as a percentage of total loans, which shrank by three basis points sequentially to 1.14 per cent. 

Net non-performing assets — or net bad loans — also contracted by three basis points on a quarter-on-quarter basis, to 0.41 per cent. 

Bajaj Finance shares ended lower by Rs 40.9 or 0.7 per cent at Rs 5,756 apiece on BSE ahead of the earnings announcement, amid a broad-based sell-off in the market. 

The Bajaj Finance stock lost 10.4 per cent of its value in the third quarter of the current financial year, a period in which headline indices Sensex and Nifty50 rose 5.9 per cent each.

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