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HomeEconomyKotak Mahindra Bank quarterly net profit jumps 27%

Kotak Mahindra Bank quarterly net profit jumps 27%

Kotak Mahindra's standalone profit jumped 27% from the same period last year to 25.80 billion Indian rupees ($313 million) in its fiscal second quarter.

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Mumbai: Kotak Mahindra Bank on Saturday reported a bigger-than-expected jump in net profit for the June-September quarter, lifted by strong loan growth.

The private lender’s standalone profit jumped 27% from the same period last year to 25.80 billion Indian rupees ($313 million) in its fiscal second quarter.

Analysts were expecting a profit of 23.68 billion rupees, according to Refinitiv IBES data.

Net interest income jumped 27% from a year ago to 50.99 billion rupees, while other income rose 7.9%.

Gross bad loans as a percentage of total loans – a measure of asset quality – eased to 2.08% at the end of September, from 2.24% at the end of June. Net non-performing assets declined to 0.55% from 0.62% at the end of June.

India’s banks were expected to report strong quarterly results as lending picked up despite a slew of central bank rate hikes.

Kotak Mahindra Bank said in a regulatory filing this week that it would consider fund raising by issuing non-convertible debentures. –Reuters

($1 = 82.5290 Indian rupees)


Also read: India would be able to withstand the shocks than the rest of the world: Uday Mahindra


 

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