Business

Kotak Mahindra Bank Net Profit Rises 33% In June Quarter

Kotak Mahindra Bank Net Profit Rises 33% In June Quarter

Kotak Mahindra Bank's net profit in June quarter rose 32.71 per cent in April-June period to Rs 1,360.20 crore from Rs 1,024.94 crore in the corresponding quarter last year, the Mumbai-based private sector lender said in an exchange filing. Its net interest income - the difference between the interest earned and interest expended - jumped 23 per cent to Rs 3,173 crore versus Rs 2,582.90 crore a year earlier, according to Kotak Mahindra Bank.

Its gross non-performing assets (NPA) or bad loans rose in the April-June quarter came in at Rs 4,613.52 crore compared with Rs 4,468 crore in the previous quarter.

As a percentage of total advances, the gross NPA came in at 2.19 per cent versus 2.14 per cent in the March quarter.

Net non-performing assets declined marginally to 0.73 per cent versus 0.75 per cent in the previous quarter.

Net interest margin (NIM) - a key indicator of a bank's profitability - for first quarter of current financial year improved by 21 basis points to 4.49 per cent up from 4.28 per cent in the year-ago period, the country's second largest private sector lender by market value said.

Kotak Mahindra Bank's loan book grew 18 per cent to Rs 2,08,030 crore.

Kotak Mahindra Bank shares ended 3.08 per cent lower at Rs 1,453.65 on the BSE ahead of the earnings announcement by the company, underperforming the benchmark Sensex index which ended 0.8 per cent lower.

As on June 30, 2019, the bank had a network of 1,503 full-fledged branches and 2,394 ATMs.



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