Kotak Mahindra Bank’s profit rises 27.66% to Rs1,194.96 crore
Mumbai: Kotak Mahindra Bank on Tuesday reported 27.66% increase in its consolidated net profit for the September quarter on higher net interest income and other income.
Net profit for the quarter was Rs.1,194.96 crore as compared to Rs.916.56 crore a year ago. According to estimates of six Bloomberg analysts, the bank was expected to post a net profit of Rs.1,166.20 crore.
Net interest income (NII), or the core income a bank earns by giving loans, rose 17% to Rs.2,664.21 crore in the September quarter from Rs.2,278.25 crore last year.
Other income increased 66.31% to Rs.2,881.30 crore from Rs.1,732.50 crore in the same period last year.
Gross non-performing assets (NPAs) at Kotak Mahindra Bank rose 4% to Rs.3,395.48 crore at the end of the September quarter from Rs.3,265.18 crore in the June quarter. On a year-on-year basis, gross NPAs jumped 20% from Rs.2,829.67 crore. As a percentage of total loans, gross NPAs were at 2.18% at the end of the September quarter as compared to 2.2% in the previous quarter and 2.08% in the year-ago quarter.
Provisions and contingencies rose 2.04% to Rs.217.93 crore in the quarter from Rs.213.57 crore a quarter ago. On a year-on-year basis, provisions rose 10.82% from Rs.196.66 crore. Net NPAs were at 1.05% in the September quarter compared to 1.06% in the previous quarter and 0.93% in the same quarter last year.
Total deposits rose 15.41% from a year ago to Rs.1.39 trillion, while total advances rose 14.41% to Rs.1.54 trillion.
At 1.07pm, Kotak Mahindra Bank was trading at Rs.788 on the BSE, up 0.07% from its previous close, while India's benchmark Sensex index fell 0.28% to 28,101.26 points.