Kotak Bank Q3 net profit rises 10% on steady interest income growth
Kotak Mahindra Bank reported a 10% rise in December quarter net profit to ₹3,305 crore from the year earlier on the back of steady interest income growth. Analysts tracked by Bloomberg had estimated profit after tax of ₹3,338 crore. The private lender had reported a profit of ₹3,005 crore in the same period last year.
Growth in loans and deposits exceeded those of banks that have announced their earnings thus far.
«Despite facing economic headwinds, we have achieved a 15% growth in advances and 16% growth in deposits,» said Ashok Vaswani, MD, Kotak Mahindra Bank. «We have maintained our margins and kept a very tight control on our expenses. Credit costs are beginning to show signs of plateauing, which is a positive indicator for us. In terms of macroeconomic activity, there is heightened volatility and evidence of a potential slowdown.»
Net interest income also grew 10% to ₹7,196 crore from ₹6,554 crore in the year-ago period. Net interest margin (NIM) was 4.93% for the December quarter.
The gross non-performing asset (NPA) ratio was 1.51% at the end of the December quarter compared with 1.68% in the year before.
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