Kotak Mahindra Bank Q3 profit rises 23% to Rs 1,291 crore on higher net interest income; gross NPAs decline to 2.07%

Kotak Mahindra Bank had posted a standalone net profit of Rs 1,053 crore in the October-December quarter of the last fiscal

Press Trust of India January 21, 2019 15:38:58 IST
Kotak Mahindra Bank Q3 profit rises 23% to Rs 1,291 crore on higher net interest income; gross NPAs decline to 2.07%
  • Total income rose to Rs 7,214.21 crore during the December quarter from Rs 6,049.02 crore in the year-ago period

  • On a consolidated basis, the profit of the bank increased by 13.5 percent to Rs 1,844 crore

  • Total income on a consolidated basis rose to Rs 11,347 crore from Rs 10,104 crore in the third quarter of the previous fiscal

New Delhi: Private lender Kotak Mahindra Bank Monday reported a 23 percent growth in net profit to Rs 1,291 crore for the third quarter ended 31 December, 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 percent," it said.

Kotak Mahindra Bank Q3 profit rises 23 to Rs 1291 crore on higher net interest income gross NPAs decline to 207

Representational image. Reuters

On a consolidated basis, the profit of the bank increased by 13.5 percent 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 a consolidated basis rose to Rs 11,347 crore from Rs 10,104 crore in the third quarter of the previous fiscal.

During the quarter, gross non-performing assets (NPAs) declined to 2.07 percent of the total advances as compared with 2.31 percent at the end of the third quarter of 2017-18.

Net NPAs of the bank declined to 0.71 percent of the assets in October-December 2018, against 1.09 percent a year ago.

Capital adequacy ratio of the bank, including unaudited profits, as per Basel III, as on 31 December, 2018, is 18.1 percent and Tier I ratio is 17.6 percent at the end of 31 December.

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

Bad loans of banks rises to 1.68 % in 2012-13: RBI
Economy

Bad loans of banks rises to 1.68 % in 2012-13: RBI

Reflecting deterioration in economic activities, net non-performing assets (NPA) of all banks have increased to 1.68 percent of the total loan at the end of 2012-13, according to the Reserve Bank of India.

Bank of Baroda posts 19.7% increase in Q2 profit at Rs 425.4 crore; total income stands at Rs 13,429.95 crore
Business

Bank of Baroda posts 19.7% increase in Q2 profit at Rs 425.4 crore; total income stands at Rs 13,429.95 crore

Bank of Baroda had posted a profit of Rs 355.36 crore in July-September quarter of 2017-18

Public sector banks need Rs 2 trillion capital for 8-9% lending growth in FY19: India Ratings
Business

Public sector banks need Rs 2 trillion capital for 8-9% lending growth in FY19: India Ratings

In October last year, the government had announced a Rs 2.11 lakh crore bank recapitalisation plan spread over two fiscals, 2017-18 and 2018-19.