Kotak Mahindra Bank Q2 net profit rises 38% at Rs 2,407 cr; gross NPAs up to 2.17%

Kotak Mahindra Bank on Tuesday reported a 38 percent increase in consolidated net profit at Rs 2,407.25 crore for the September quarter mainly on healthy core income

Press Trust of India October 22, 2019 16:43:17 IST
Kotak Mahindra Bank Q2 net profit rises 38% at Rs 2,407 cr; gross NPAs up to 2.17%
  • Total income jumped to Rs 12,542.99 crore in the three months ended September, as against Rs 10,829.08 crore in the same quarter of 2018-19

  • The bank's income from interests for the July-September quarter rose to Rs 8,418.75 crore as against Rs 7,285.46 crore in year-ago period

  • On asset quality, the gross non-performing assets (NPAs) stood at 2.17 percent of the gross advances as at end of September 2019, from 1.91 percent by end of September 2018

New Delhi: Kotak Mahindra Bank on Tuesday reported a 38 percent increase in consolidated net profit at Rs 2,407.25 crore for the September quarter mainly on healthy core income.

The private sector lender had posted a net profit of Rs 1,747.37 crore in the year-ago quarter.

Total income jumped to Rs 12,542.99 crore in the three months ended September, as against Rs 10,829.08 crore in the same quarter of 2018-19, the bank said in a regulatory filing.

"For Q2FY20, the bank's contribution to PAT was Rs 1,724 crore. The subsidiaries' and associates' net contribution was 28 percent of the consolidated PAT," it said in a release.

Kotak Mahindra Bank Q2 net profit rises 38 at Rs 2407 cr gross NPAs up to 217

Representational image. Reuters.

The bank's income from interests for the July-September quarter rose to Rs 8,418.75 crore as against Rs 7,285.46 crore in year-ago period.

On asset quality, the gross non-performing assets (NPAs) stood at 2.17 percent of the gross advances as at end of September 2019, from 1.91 percent by end of September 2018.

In value terms, the gross NPAs or bad loans inched up to Rs 5,475.48 crore, as against Rs 4,302.17 crore.

Likewise, net NPAs were 0.82 percent, or Rs 2,031.59 crore in value, up from 0.73 percent (Rs 1,617.66 crore).

The bank had made provisions and contingencies of Rs 473.10 crore for the quarter, higher than Rs 359.71 crore set aside for year-ago quarter.

On standalone basis, net profit for the quarter jumped 51 percent to Rs 1,724 crore from Rs 1,142 crore.

Kotak Mahindra Bank traded 0.46 percent down at Rs 1,608 apiece on the BSE.

Updated Date:

Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.

also read

Ex-World Bank economist says RBI's proposal to allow businesses into banking is 'good-looking' step in 'bad direction'
India

Ex-World Bank economist says RBI's proposal to allow businesses into banking is 'good-looking' step in 'bad direction'

Kaushik Basu added that there is a good reason that all successful economies have a clear line between industries and corporations on one hand, and banks and lending organisations on the other

Amazon Pay, Paytm, PhonePe and 16 other companies become NPCI shareholders
Business

Amazon Pay, Paytm, PhonePe and 16 other companies become NPCI shareholders

National Payments Corporation of India brings onboard new members as part of its shareholding party.

Reserve Bank of India becomes world's first central bank to reach 1 million Twitter followers
India

Reserve Bank of India becomes world's first central bank to reach 1 million Twitter followers

What makes the achievement all the more impressive it that the 85-year-old Reserve Bank was a latecomer to the world of Twitter, creating its account only in January 2012