New Delhi: Private lender Kotak Mahindra Bank Monday reported a 23 per cent growth in net profit to ₹1,291 crore for the third quarter ended December 31, on higher net interest income.
The bank had posted a standalone net profit of ₹1,053 crore in the October-December quarter of the last fiscal.
Total income rose to ₹7,214.21 crore during the December quarter from ₹6,049.02 crore in the year-ago period, Kotak Mahindra Bank said in a statement.
"Net interest income (NII) for the third quarter increased to ₹2,939 crore from ₹2,394 crore in the same period a year ago. Net interest margin (NIM) for the quarter was at 4.33 per cent," it said.
On a consolidated basis, the profit of the bank increased by 13.5 per cent to ₹1,844 crore as compared to ₹1,624 crore in the same period a year-ago.
At the same time, total income on consolidated basis rose to ₹11,347 crore from ₹10,104 crore in third quarter of the previous fiscal.
During the quarter, gross non-performing assets (NPAs) declined to 2.07 per cent of the total advances as compared with 2.31 per cent at the end of the third quarter of 2017-18.
Net NPAs of the bank declined to 0.71 per cent of the assets in October-December 2018, against 1.09 per cent a year ago.
Capital adequacy ratio of the bank, including unaudited profits, as per Basel III, as on December 31, 2018, is 18.1 per cent and Tier I ratio is 17.6 per cent at the end of December 31.