Kotak Q1 profit up by 43%

Kotak Mahindra Bank on Thursday announced a 43% year-on-year rise in net profit to Rs 403 crore for the quarter ended June 2013 compared with Rs 282 crore, helped by strong growth in interest and non-interest income.

Kotak Mahindra Bank on Thursday announced a 43% year-on-year rise in net profit to Rs 403 crore for the quarter ended June 2013 compared with Rs 282 crore, helped by strong growth in interest and non-interest income.

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Net interest income for the quarter ended June 2013 grew 27% to Rs 917 crore against Rs 721 crore in the year-ago period. Other income increased 92% to Rs 462 crore from Rs 241 crore in same quarter previous year.

The company witnessed asset deterioration during the quarter as NPAs increased to 1.95% of the advance as on June 30, 2013 from 1.6 % as on June 30, 2012, while net NPAs were up at 0.98% of advances as on June 30, 2013 against 0.8 as on June 30, 2012.