Kotak Mahindra Bank Ltd on Friday said it reported 19.72% increase in its net profit for the December quarter due to higher net interest income (NII) and other income.
Net profit rose to Rs1,053.21 crore for the quarter ended 31 December from Rs879.76 crore a year ago. According to 17 Bloomberg analysts’ estimates, the bank was expected to post a net profit of Rs963.80 crore. On consolidated basis, the bank reported a net profit of Rs1,624 crore, up 28% from a year ago.
NII or the core income a bank earns by giving loans increased 16.75% to Rs2,393.72 crore compared with Rs2,050.32 crore last year. Other income was at Rs1,039.82 crore, up 14.24% from Rs910.22 crore a year ago. Provisions and contingencies rose 10.76% to Rs212.77 crore from Rs192.10 crore a year ago. On quarter-on-quarter basis, it fell marginally 1.74% from Rs216.53 crore.
Gross non-performing assets (NPAs) advanced 16.9% to Rs3,714.99 crore at the end of the December quarter from Rs3,177.88crore in the same quarter last year. The bank said during the quarter, restructured loans considered standard were at Rs67 crore or 0.04% of net advances.
As a percentage of total loans, gross NPAs improved to 2.31% as compared to 2.47% in the previous quarter and 2.42% in the year-ago quarter. Net NPAs were at 1.09% in the December quarter compared to 1.26% in the previous quarter and 1.07% in the same quarter last year.
Advances rose 23.06% from a year ago to Rs1.59 trillion. Deposits gained 21.07% to Rs1.81 trillion.
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