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Kotak Mahindra Q2 net profit jumps by 27% at ₹2,580 crore: Report
Kotak Mahindra Bank's Gross bad loans as a percentage of total loans eased to 2.08% at the end of September, from 2.24% at the end of June. Net non-performing assets declined to 0.55% from 0.62% at the end of June.
Kotak Mahindra Bank on Saturday reported a bigger-than-expected jump in net profit for the June-September quarter, lifted by strong loan growth.
The private lender's standalone profit jumped 27% from the same period last year to ₹2,580 crore in its fiscal second quarter.
Analysts were expecting a profit of ₹2,368 crore, according to Refinitiv IBES data.
Net interest income jumped 27% from a year ago to ₹5,099 crore, while other income rose 7.9%.
Gross bad loans as a percentage of total loans – a measure of asset quality – eased to 2.08% at the end of September, from 2.24% at the end of June. Net non-performing assets declined to 0.55% from 0.62% at the end of June.
India's banks were expected to report strong quarterly results as lending picked up despite a slew of central bank rate hikes.
Kotak Mahindra Bank said in a regulatory filing this week that it would consider fund raising by issuing non-convertible debentures.
