Private sector lender Kotak Mahindra Bank posted a 31% year-on-year rise in the standalone net profit at Rs. 362 crore for the quarter ended December, compared to Rs. 276 crore in the corresponding quarter last year, helped by healthy growth in loans and interest income.
segment of our loan book grew reasonably," said Dipak Gupta, executive director, Kotak Mahindra Bank.
Consolidated net profit of the bank jumped 25% to Rs. 577 crore in the third quarter under review compared with Rs. 463 crore in the same quarter last fiscal.
Net interest income (the difference between interest earned and interest paid) of the bank, grew by 26% to Rs. 823 crore against Rs. 652 crore in the corresponding quarter previous fiscal. Advances increased by 26% to Rs. 50,245 crore against Rs. 39,772 crore as on December 2011.
Other income was up 8 % at Rs. 305 crore compared with Rs. 282 crore last year.
The bank witnessed deterioration in asset quality as net non-performing assets (NPAs) increased to 0.62% of the advances at the end of December 2012 from 0.49% at the end of December 2011.
Shares of the bank closed at Rs. 641 crore, up 2% on Tuesday on the Bombay Stock Exchange (BSE).