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.