On the back of a healthy demand for loans, Kotak Mahindra Bank on Thursday reported a 16% surge in its net profit for the quarter ended September to Rs. 502 crore from Rs. 433 crore for the same period a year ago.
The consolidated advances of Kotak Mahindra bank were up 21% to Rs. 61,255 crore for the July-September period, as against Rs. 50,581 crore for the same period in the last financial year.
The total income of the bank surged 47% to Rs. 4,036 crore in the quarter, up from Rs. 2,740.84 crore in the year-ago period, the company said in a filing to the Bombay Stock Exchange (BSE).
Income from other sources increased to Rs. 1,425.97 crore from Rs. 711.48 crore.
The net interest margin of the bank stood at 4.7% against 4.8% in the year-ago period.
Shares of the bank closed at Rs. 625.65, up 0.85%, from the previous close on BSE on Thursday.
The bank could see a deterioration in the credit quality of its retail loan book, going forward, its chief financial officer said.