Kotak Mahindra Bank Q4 profit rises 40% to Rs976 crore

Kotak Mahindra Bank’s Q4 net profit rises on the back of higher net interest income and other income


Kotak Mahindra Bank’s NII rose 16.37% to Rs2,161.37 crore in the March quarter from Rs1,857.24 crore last year. Photo: Mint 
Kotak Mahindra Bank’s NII rose 16.37% to Rs2,161.37 crore in the March quarter from Rs1,857.24 crore last year. Photo: Mint 

Mumbai: Private sector lender Kotak Mahindra Bank Ltd on Thursday reported a 40.34% rise in quarterly net profit for the year ended quarter, beating market estimates.

March quarter net profit at Kotak Mahindra Bank rose to Rs976.48 crore from Rs695.78 crore a year ago, on the back of higher net interest income and other income. According to estimates of 13 Bloomberg analysts, the bank was expected to post a net profit of Rs972.70 crore.

Net interest income (NII), or the core income a bank earns by giving loans, rose 16.37% to Rs2,161.37 crore in the March quarter from Rs1,857.24 crore last year.

Other income increased 47.03% to Rs1,002.65 crore in the fourth quarter from Rs681.91 crore in the same period last year. Gross non-performing assets (NPAs) increased sharply by 12.60% to Rs3,578.61 crore at the end of the March quarter from Rs3,177.88 crore in the December quarter.

As a percentage of total loans, gross NPAs were 2.59% at the end of the March quarter compared with 2.42% in the previous quarter and 2.36% a year ago.

Provisions and contingencies increased 39.18% to Rs267.37 crore in the fourth quarter from Rs192.10 crore a quarter ago. Net NPAs rose to 1.26% in the December quarter compared with 1.07% in the previous quarter and 1.06% in the same quarter last year.

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