Net interest income rose 23 percent to Rs 6,297 crore from Rs 5,099 crore a year ago. (Representative image)
Total income during the July-September period grew to Rs 13,507 crore, against Rs 9,925 crore in the previous year quarter,
Kotak Mahindra Bank on Saturday reported a 24 per cent rise in net profit to Rs 3,191 crore for the quarter ended September 30, mainly due to an improvement in core income and lower bad loans. The private sector lender had posted a net profit of Rs 2,581 crore in the same quarter of the previous fiscal.
Total revenues during the July-September period grew to Rs 13,507 crore from Rs 9,925 crore in the previous year quarter, Kotak Mahindra Bank said in a filing with the regulator. Net interest income rose 23 percent to Rs 6,297 crore from Rs 5,099 crore a year ago.
Net interest margin for the quarter increased to 5.22 percent, up from 5.17 percent in the corresponding period of the previous fiscal year. In terms of asset quality, the bank also witnessed an improvement, with gross non-performing assets (or bad loans) declining to 1.72 percent of gross advances at the end of September 2023, compared to 2.08 percent a year ago.
Similarly, net NPAs declined to 0.37 percent from 0.55 percent in the same quarter a year ago. The bank’s solvency ratio was 21.7 percent as of September 30, 2023.
On a consolidated basis, the bank reported a 24 per cent increase in its net profit to Rs 4,461 crore in the September quarter, compared to Rs 3,608 crore in the same period of the previous fiscal. Total income on a consolidated basis rose to Rs 21,560 crore from Rs 17,435 crore in the previous year quarter.
(This story has not been edited by News18 staff and is published from a syndicated news agency feed – PTI)
