Kotak Mahindra Bank Reports Profit Of Rs 1,408 Crore For March Quarter

Kotak Mahindra Bank Reports Profit Of Rs 1,408 Crore For March Quarter

Kotak Mahindra Bank on Tuesday reported a net profit of Rs 1,407.80 crore for the quarter ended March 31. That marked an increase of 25.24 per cent compared with the net profit Rs 1,124.05 crore for the corresponding period a year ago. 

Its total income increased 18.5 per cent to Rs 7,672.56 crore for the fourth quarter of financial year 2018-19. 

Kotak Mahindra Bank's gross non-performing loans as a percentage of total advances increased to 2.14 per cent at the end of March, from 2.07 per cent in the previous quarter.

The private sector bank's net interest income rose 18.15 per cent to Rs 3,047.87 crore in the quarter ended March 31, 2019, from Rs 2,579.75 crore in the year-ago period. 

Kotak Mahindra Bank said its net interest margin (NIM) - a gauge of profitability - stood at 4.48 per cent for the March quarter, and 4.33 per cent for the financial year 2018-19.

The lender's board recommended a dividend of Rs 0.80 per equity share for the year ended March 31. The dividend will be paid after the approval of shareholders at the annual general meeting, it noted.

Shares in Kotak Mahindra Bank fell as much as 2.04 per cent to an intraday low of Rs 1,351.05 apiece on the National Stock Exchange (NSE), underperforming the broader markets.

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