Kotak Mahindra Bank Q3 profit rises 23 per cent to Rs 1,291 crore

Kotak Mahindra Bank Q3 profit rises 23 per cent to Rs 1,291 crore
Highlights

Private lender Kotak Mahindra Bank on Monday reported a 23 per cent growth in net profit to Rs 1,291 crore for the third quarter ended December 31, on higher net interest income

Total income rose to Rs 7,214.21 crore during the December quarter from Rs 6,049.02 crore.

New Delhi: Private lender Kotak Mahindra Bank on Monday reported a 23 per cent growth in net profit to Rs 1,291 crore for the third quarter ended December 31, on higher net interest income.

The bank had posted a standalone net profit of Rs 1,053 crore in the October-December quarter of the last fiscal. Total income rose to Rs 7,214.21 crore during the December quarter from Rs 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 Rs 2,939 crore from Rs 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 Rs 1,844 crore as compared to Rs 1,624 crore in the same period a year-ago. At the same time, total income on consolidated basis rose to Rs 11,347 crore from Rs 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.

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