Finance: Private sector lender, Kotak Mahindra Bank on Monday reported a net profit of Rs 1,853.5 crore as against Rs 1,595.90 crore, reflecting a growth of 16 percent on a year-on-year basis.
The lender reported a gross non-performing assets ratio of 2.26 percent for the reported quarter as against 2.55 percent in the previous quarter.
The lender’s net interest income rose 17 percent on-year to Rs 4,007 crore, while the net interest margin was 2.26 percent for the reported quarter as against 2.55 percent in the previous quarter. The lender’s net interest income rose 17 percent on-year to Rs 4,007 crore, while the net interest margin was largely stable on year at 4.51 percent.
The private sector bank reported a 4.5 percent sequential growth in advances in the quarter to Rs 2.14 lakh crore, which fared better than most peers who have reported earnings so far. However, on a year-on-year basis, the lender’s loan book fell 1.2 percent reflecting the conservative strategy adopted by the bank since the onset of the COVID-19 pandemic.