Kotak Mahindra Bank Q3 profit jumps 23 percent to Rs 1,291 crore; asset quality improves


Kotak Mahindra Bank, on Monday, reported a jump of 23 percent year-on-year in its net profit for December quarter at Rs 1,291 crore. The lender had posted a profit of Rs 1,053 crore during the same quarter of last year.

The net interest income (NII), the difference between interest earned and expended, grew 23 percent YoY at Rs 2,939 crore from Rs 2,394 crore last year.

The net interest margin rose to 4.33 percent from 4.20 percent in the previous quarter.

On the asset quality front, gross non-performing assets (NPAs) rose to Rs 4,128.68 crore from Rs 4,033.07 crore last quarter. The net non-performing assets fell to Rs 1,397.27 crore from Rs 1,500.76 crore in the previous quarter.

The gross NPA ratio also fell to 2.07 percent from 2.15 percent in December quarter. Meanwhile, net NPA ratio, too, declined to 0.71 percent from 0.81 percent.

Provisions saw a write-back of Rs 32.3 crore from provisions of Rs 353.8 crore last quarter.

Advances as on December 31, 2018 were up 23 percent to Rs 196,432 crore (Rs 159,071 crore as on December 31, 2017).

Consolidated PAT for Q3FY19 increased to Rs 1,844 crore from Rs 1,624 crore in Q3 of FY18. The subsidiaries & associates net contribution to PAT was 30 percent.

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