Money & Banking

Kotak Mahindra Bank Q3 net profit up 24%

Our Bureau Mumbai | Updated on January 20, 2020 Published on January 20, 2020

Kotak Mahindra Bank   -  Bloomberg

Private sector lender Kotak Mahindra Bank registered a 23.6 per cent increase in net profit in the third quarter of the fiscal, despite a marginal dip in asset quality.

The bank’s standalone net profit amounted to ₹1,595.90 crore in the quarter ended December 31, 2019, against ₹1,290.93 crore notched up in the same period last fiscal.

Its total income grew at a modest 12 per cent to ₹8,077.03 crore in the third quarter of the fiscal, against ₹7,214.21 crore a year ago.

Net interest income rose 17 per cent (year-on-year) to ₹3,429.53 crore in the October to December 2019 quarter, against ₹2,926 crore a year ago. Other income surged 37.3 per cent to ₹1,341.43 crore in the quarter under review.

The bank’s provisions shot up to ₹444 crore in the third quarter of the fiscal, against a negative ₹32.30 crore a year ago.

The asset quality deteriorated with gross non-performing assets at ₹5,413.20 crore at the end of the third quarter; that’s 2.46 per cent of gross advances, against 2.07 per cent on December 31, 2018.

Net NPAs stood at ₹1,925.08 crore in the third quarter of this fiscal or 0.89 per cent of net advances, against 0.71 per cent a year ago.

Published on January 20, 2020
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