Kotak Mahindra Bank’s third quarter profit up 24 percent

Kotak Mahindra Bank’s net profit on a standalone basis rose 24 percent to Rs 1,596 crore in the third quarter ended 31 December 2019.

NEW DELHI: Kotak Mahindra Bank’s net profit on a single basis was up 24 per cent to Rs 1,596 crore in the third quarter ended 31 December 2019. At the same time, it had a net profit of Rs 1,291 crore in the October-December period of 2018-19. Kotak Mahindra Bank said in a statement that the total income of the bank increased to Rs 8,077.03 crore in the reporting period. Its income in the third quarter a year ago was Rs 7,214.21 crore. It said that in the third quarter of 2019-20, his net income from interest increased by 17 percent to Rs 3,430 crore, from Rs 2,926 crore in the same period a year ago.

During this period, net interest margin increased from 4.31 percent to 4.69 percent. On an integrated basis, the bank’s profit grew by 27 percent to Rs 2,349 crore. It had made a profit of Rs 1,844 crore in the same quarter of 2018-19. During this period, net income stood at Rs 13,542 crore. The figure stood at Rs 11,347 crore in the third quarter of 2018-19.

The bank’s gross non-performing assets (NPAs) rose to 2.46 percent at the end of the third quarter, from 2.07 percent in the same quarter of 2018-19. During this period, net NPA also increased from 0.71 percent to 0.89 percent.

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