Kotak Mahindra Bank reported a 15 per cent jump in its standalone net profit to ₹2,131 crore in the third quarter of the fiscal from ₹1,854 crore in the same period last fiscal. For the quarter ended December 31, 2021, the bank’s net interest income increased by a robust 12 per cent to ₹4,334 crore as against ₹3,876 crore a year ago. Net Interest Margin (NIM) for the third quarter of the fiscal was at 4.62 per cent. Other income increased by 5.6 per cent on a year-on-year basis to ₹1,363.66 crore in the third quarter of the fiscal. In a statement on Friday, the bank said, other Income of the third quarter of 2021-22 includes MTM loss on investments of ₹484 crore versus a ₹5 crore gain a year ago. The bank’s net total income increased by 10 per cent to ₹5,698 crore in the October to December 2021 quarter versus ₹5,166 crore a year ago. Asset quality improved on a sequential basis. Gross non-performing assets stood at ₹6,982.80 crore or 2.71 per cent of gross advances as on December 31, 2021 compared to 3.19 per cent as on September 30, 2021, and 2.26 per cent as on December 31, 2020. Net NPAs were 0.79 per cent of net advances as on December 31, 2021 compared to 1.06 per cent at the end of the second quarter of the fiscal and 0.50 per cent as on December 31, 2021. As at December 31, 2021, COVID-related provisions stood at ₹1,000 crore. The bank wrote back provisions of ₹131.74 crore in the third quarter of the fiscal as against provisions of ₹423.85 crore it had reported in the third quarter of last fiscal.

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