Kotak Mahindra Bank Q4 profit rises 15% to Rs 1124 crore | business news | Hindustan Times
  • Wednesday, Jul 18, 2018
  •   °C  
Today in New Delhi, India
Jul 18, 2018-Wednesday
-°C
New Delhi
  • Humidity
    -
  • Wind
    -

Kotak Mahindra Bank Q4 profit rises 15% to Rs 1124 crore

Gross bad loans as a percentage of total loans dropped to 2.22% by end-March, compared with 2.31% in the preceding quarter and 2.59% a year ago.

business Updated: Apr 30, 2018 15:15 IST
Reuters
Reuters
Reuters
Kotak Mahindra Bank,Kotak Bank Q4 results,Kotak Bank Q4 earnings
Signage for Kotak Mahindra Bank Ltd. is displayed outside a branch in Mumbai, India.(Dhiraj Singh/Bloomberg)

Kotak Mahindra Bank Ltd, India’s fifth-biggest private sector bank by assets, on Monday reported a 15% rise in fourth-quarter net profit, boosted by higher interest and fee incomes.

Net profit was Rs 1124 crore ($169.34 million) for the three months ended March 31, compared with Rs 976 crore a year ago, the Mumbai-based bank said in a statement.

Analysts had on average expected a net profit of Rs1129 crore for the lender, which has the second-highest market capitalisation of about $33 billion in the sector, according to Thomson Reuters data.

Gross bad loans as a percentage of total loans dropped to 2.22% by end-March, compared with 2.31% in the preceding quarter and 2.59% a year ago.