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Kotak Mahindra Bank Q1 Net Profit Rises 23%

Kotak Mahindra Bank, India's fourth largest private sector lender by assets, posted a 23 per cent jump in its first-quarter net profit, helped by higher interest and fee income

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Kotak Mahindra Bank, India's fourth largest private sector lender by assets, posted a 23 per cent jump in its first-quarter net profit, helped by higher interest and fee income.

Net profit rose to Rs 9.13 billion ($141.84 million) in the quarter ended June 30 from Rs 7.42 billion a year earlier, the bank said on Thursday.

Analysts on an average had expected the Mumbai-based bank to report a net profit of Rs 10.24 billion, according to Thomson Reuters data.

Kotak Mahindra Bank, which bought smaller rival ING Vysya in 2015 in the country's biggest ever bank acquisition, said its gross bad loan ratio as a percentage of total loans was nearly flat at 2.58 per cent at end-June, compared with 2.59 per cent at March-end. The bank's gross bad loan ratio was 2.50 per cent at June-end in 2016.

Shares of the bank were up 1.4 per cent at 0513 GMT.

(Reuters)


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