Kotak Mahindra Bank has posted a 12.3 per cent increase in its net profit at Rs 1,024.94 crore for the quarter ended June 30, 2018, with a 130.5 per cent increase in provisioning.
The private sector lender's standalone net profit stood at Rs 912.73 crore in the first quarter of 2017-18.
Net interest income increased by 15 per cent to Rs 2,583 crore in the first quarter from Rs 2,246 crore a year ago. Net interest margin stood at 4.3 per cent.
Gross non-performing assets as a per cent of gross advances stood at 2.17 per cent as on June 30, 2018, which was slightly lower than 2.58 per cent in the first quarter of last fiscal and 2.22 per cent in the fourth quarter of 2017-18.
Net NPAs also registered an improvement to 0.86 per cent in the first quarter of the current fiscal compared with 1.25 per cent a year ago. Slippages during the quarter were at Rs 321 crore (0.18 per cent of net advances), down from Rs 594 cr a year ago.
Provisions and other contingencies shot up to Rs 469.63 crore in the first quarter of the fiscal from Rs 203.74 crore in the quarter ended June 30, 2017.
During the quarter under review, the bank made a provisioning of Rs 260.04 crore towards advances and for exposure to entities with unhedged foreign currency exposure. Another Rs 209.59 crore was provisioned for write-back of provisions towards net investments.