Kotak Mahindra Bank on Wednesday reported a 38.60% increase in net profit on the back of increase in net interest income and other income.Net profit for the quarter increased to Rs879.76 crore compared with Rs634.72 crore a year ago. According to estimates of nine Bloomberg analysts, the bank was expected to post a net profit of Rs815.40 crore.
Net interest income (NII), or the core income a bank earns by giving loans, rose 16.08% to Rs2050.32 crore in the December quarter from Rs1766.21 crore last year.
Other income increased 26.04% to Rs910.22 crore in the third quarter from Rs722.16 crore in the same period last year.Gross non-performing assets (NPAs) of Kotak Mahindra Bank decreased marginally to Rs3,177.88 crore at the end of the December quarter from Rs3,180.66 crore in the September quarter.
As a percentage of total loans, gross NPAs were 2.42% at the end of the December quarter compared with 2.49% in the previous quarter and 2.30% a year ago.Provisions and contingencies fell 18.34% to Rs192.10 crore in the third quarter from Rs235.25 crore a quarter ago.Net NPAs rose to 1.07% in the December quarter compared with 1.20% in the previous quarter and 0.96% in the same quarter last year.
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