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.
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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.
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.
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Updated Date: Oct 22, 2019 16:57:04 IST