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
Latest News »
- Cyberattack hits UK Parliament, limiting access to MPs’ emails
- Narendra Modi will convey Indian IT firms’ role in US to Trump: Vishal Sikka
- Gujarat Congress leader Shankarsinh Vaghela hits out at party leadership
- Yogi Adityanath govt launches ‘informer scheme’ to curb female foeticide
- World Taekwondo Federation changes its name over ‘negative’ acronym
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.