Kotak Mahindra Bank lifts standalone quarterly profit by 29.48 per cent
Kotak Mahindra Bank reported standalone net profit of 4,212 crore rupees for July–September, up 29.48 per cent from a year earlier. Net interest income also increased, while gross and net problem-loan ratios declined. Profit exceeded the analyst estimate cited with the results. These figures describe the Indian bank’s own business, separate from consolidated group earnings. A crore equals 10 million rupees.
Economics & Markets··Midday
Standalone net profit exceeds the analyst estimate
Kotak Mahindra Bank, an Indian lender, reported standalone net profit of 4,212 crore rupees for July–September, its second fiscal quarter. Profit rose 29.48 per cent from 3,253 crore rupees a year earlier and 2.16 per cent from 4,123 crore rupees in the preceding quarter. The bank discussed the quarterly results at its October 24 earnings call.[1], [2]
Net profit exceeded the analyst estimate of 4,128 crore rupees. The figures refer to the bank’s standalone business, rather than consolidated group earnings. A crore equals ten million rupees.[1]
Net interest income rises with total income
Net interest income, interest earned less interest paid on funding, increased 15.70 per cent annually to 8,458 crore rupees. It exceeded the estimate of 8,289 crore rupees. Total income rose 17.88 per cent year on year to 19,141 crore rupees. Interest income reached 15,947 crore rupees, while interest expenses were 7,489 crore rupees.[1]
Problem-loan ratios decline
Other income increased 23.33 per cent annually to 3,193 crore rupees but fell from 3,338 crore rupees in the preceding quarter. Operating expenses rose 13.80 per cent to 5,270 crore rupees. Profit before provisions and tax increased 21.15 per cent to 6,382 crore rupees. Both gross and net non-performing asset ratios declined from a year earlier and from the preceding quarter.[1]
