Mumbai: Kotak Mahindra Bank on Monday reported a 33% increase in its June quarter net profit due to higher net interest income and lower provisions. Net profit for the quarter stood at 1,360.20 crore, up 32.71%, from 1,024.94 crore a year ago. According to 13 Bloomberg analyst, the bank was expected to post a profit of 1334.10 crore.

Net interest income (NII), or the core income a bank earns by giving loans, was up 22.85% to 3,173.04 crore, against 2,582.90 crore in the same period last year. Non-interest income was at 1,304.73 crore, up 12%, from 1,164.59 crore a year ago.

Provisions and contingencies fell 32.55% to 316.76 crore during the quarter, compared to 469.63 crore a year ago.

As a percentage of total loans, gross NPAs stood at 2.19%, against 2.14% in the previous quarter and 2.17% in the same quarter a year ago. Net NPAs were at 0.73% in the June quarter, against 0.75% in the previous quarter, and 0.86% in the same quarter last year.

Gross non-performing asset rose 18.31% to 4,613.52 crore during the quarter.

Deposits rose 22.76% to 2.33 trillion, while advances increased 18% to 2.08 trillion.

Kotak Mahindra Bank shares on Monday closed at 1,453.65 on the BSE, down 3.08%, from its previous close, while the Sensex Index fell 0.8% to 3,8031.13 points.

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