Kotak Mahindra net up 12% on interest income | india | Hindustan Times
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Kotak Mahindra net up 12% on interest income

india Updated: Jul 19, 2012 21:50 IST
HT Correspondent
HT Correspondent
Hindustan Times
Kotak Mahindra Bank

Private sector lender Kotak Mahindra Bank on Thursday announced a 12% year-on-year rise in net profit at Rs 282 crore for the April-June quarter against Rs 252 crore a year ago, driven by healthy interest income.

Net interest income (the difference between interest earned and interest paid) rose 27% to Rs 721 crore during the first quarter compared to Rs 588 crore in the same quarter last year. Other income including commissions, financial advisory fees, earning from foreign exchange transactions grew by 6% to Rs 241 crore against Rs 229 crore a year ago.

Advances grew 31% to Rs 42,318 crore as on June 30, 2012 from Rs 32,339 crore as on June 30, 2011.

Consolidated net profit grew by 6.5% at Rs 444 crore for the quarter ended June 2012 compared to Rs 416 crore in the corresponding period of the previous fiscal year.

The bank also witnessed a rise in bad loans as net non-performing assets (NPAs) rose to Rs 34,025 crore at the end of June 2012 from Rs 23,738 crore at the end of March 2012.

The bank's shares closed down 2.5% at Rs 579 on the Bombay Stock Exchange.