Net profit up 15% to Rs 2,131 Crore, in line with Street estimates
Kotak Mahindra Bank on Friday reported net profit of Rs 2,131.4 crore for the quarter ended December, in line with Street estimates. Quarterly net profit increased 15% year on year.
Shares of Kotak Mahindra Bank rose 2.7% to Rs 1,941.4 on BSE after the earnings announcement.
The net interest income of the private sector lender (TIN) – the difference between interest earned and interest paid – rose by 8.2% to Rs 4,334 crore, according to a regulatory filing.
Analysts in a CNBC-TV18 poll had estimated the quarterly net profit of Kotak Mahindra Bank at Rs 2,127.1 crore and NII at Rs 4,216.9 crore.
The lender reported a net interest margin of 4.62 percent.
The quality of the private sector lender’s assets has improved. Its gross non-performing assets as a percentage of total loans fell to 2.71% in the December quarter from 3.19% in the July-September period.
Gross NPAs were Rs 6,983 crore in the third quarter of the current financial year, compared to Rs 7,658 crore in the three months to September 2021.
Net NPAs declined by 19.6% sequentially to Rs 2,003.5 crore.
Kotak Mahindra Bank’s slippages amounted to Rs 750 crore during the October-December period, according to the filing.