Mumbai: Kotak Mahindra Bank Ltd on Wednesday said consolidated September quarter profit rose 23.16% from a year earlier, due to higher other income and lower provisions.
Net profit rose to ₹ 717.93 crore in the three months ended 30 September from ₹ 582.93 crore in the year earlier, meeting the consensus estimate of ₹ 715.30 crore in a Bloomberg poll of seven brokerages.
Net interest income or income earned from the bank’s core lending business increased 11.82% to ₹ 1,583.80 crore from ₹ 1,416.4 crore in the corresponding period last year. Net interest margin (NIM) or the difference between interest earned on loans and that paid on deposits rose to 5.05% from 4.87% last year.
Other income or revenue earned through fees rose 131.53% to ₹ 1,651.7 crore from ₹ 713.39 crore last year.
Provisions and contingencies fell 32.4% to ₹ 58.22 crore as compared to ₹ 86.16 the same quarter last year.
Asset quality remained stable. Net non-performing assets stood at 0.84%, compared with 0.80% in the year ago.
Advances for the quarter rose 19.34% to ₹ 81,418 crore.
At 12.12pm, shares of Kotak Mahindra Bank were up 4.13% to ₹ 1,055.80 on BSE, while the exchange’s benchmark Sensex index gained 0.7% to 26,768.48 points.
