BackKotak Mahindra Bank posts net profit of Rs663.31 crore
Profit helped by a `59 lakh write-back in provisions and contingencies versus a provision of `43.61 crore a year earlier
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Mumbai: Kotak Mahindra Bank Ltd on Wednesday posted consolidated net profit of ₹ 663.31 crore, little changed from ₹ 666 crore a year ago. The profit was higher than the estimate of ₹ 622 crore in a a Bloomberg poll of 18 analysts.
Net interest income, or the difference between interest earned on loans and interest paid on deposits, increased to ₹ 1,484.11 crore in the quarter, up 12.39% from ₹ 1,320.53 crore in the year-ago period.
Gross non-performing assets of the bank made up 1.63% of total loans, compared with 1.68% in the year-ago quarter.
Profit was helped by a ₹ 59 lakh write-back in provisions and contingencies versus a provision of ₹ 43.61 crore a year earlier.
Total advances of Kotak Mahindra Bank as of 31 March stood at ₹ 71,692.52 crore, compared with ₹ 66,257.65 crore a year ago, an increase of 8.2%. Deposits rose to ₹ 56,929.75 crore from ₹ 49,389.144 crore.
At 2.55pm, shares of Kotak Mahindra Bank were trading at ₹ 797.15 on the BSE, down 1.32% from previous closem while the benchmark Sensex Index fell 0.62% to 22,327.16 points.
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