Private sector lender Kotak Mahindra Bank saw its July-September net profit rise on higher core income and lower provisions.
The bank’s net profit for the quarter stood at Rs 2,580.68 crore, up 27% year-on-year. Analysts polled by Bloomberg estimated a Rs 2,429.6 crore net profit for the three months.
Net interest income, or core income, for the bank rose 26% from a year ago and stood at Rs 5,099 crore. Other income too rose by about 8% year-on-year to Rs 1,954 crore.
Gross non-performing asset ratio for the bank fell by 16 basis points sequentially to 2.08%. Similarly, net NPA improved to 0.55% as of September 30, compared with 0.62% as of June 30.
Provisions for the quarter fell 67% year-on-year to Rs 137 crore.
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