Kotak Mahindra Bank Q3 profit rises 24 pc to Rs 1,596 cr

New Delhi, Jan 20 () Kotak Mahindra Bank on Monday reported 24 per cent growth in standalone net profit to Rs 1,596 crore for the third quarter ended December 31, 2019.

The private sector lender had posted a profit of Rs 1,291 crore in October-December period of the previous financial year.

Total income rose to Rs 8,077.03 crore during the quarter under review from Rs 7,214.21 crore in the year-ago period, Kotak Mahindra Bank said in a statement.

"Net Interest Income for the third quarter increased 17 per cent to Rs 3,430 crore from Rs 2,926 crore in the same period a year ago. Net Interest Margin for Q3FY20 was at 4.69 per cent, up from 4.31 per cent in Q3FY19," it said.

On consolidated basis, the profit increased 27 per cent to Rs 2,349 crore as compared to Rs 1,844 crore in the same period a year ago.

Total income rose to Rs 13,542 crore from Rs 11,347 crore in third quarter of 2018-19.

Gross non-performing assets (NPAs) at the quarter-end rose to 2.46 per cent of the total advances as compared with 2.07 per cent at the end of the third quarter of 2018-19.

Net NPAs too increased to 0.89 per cent of the assets in October-December 2019, against 0.71 per cent a year ago.

Capital adequacy ratio of the bank, including unaudited profits, as per Basel III, as on December 31, 2019, is 18.2 per cent and Tier I ratio is 17.7 per cent. DP DP ANU ANU