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Feb 21, 2024, 03:50PM ISTSource: TOI.inThe United States vetoed a UN Security Council resolution for an immediate ceasefire in the Israel-Hamas conflict, with thirteen...
HomeNewsKotak Mahindra Bank Q3 results: Net profit rises 6.75% to ₹4,265...

Kotak Mahindra Bank Q3 results: Net profit rises 6.75% to ₹4,265 cr

Kotak Mahindra Bank on Saturday reported a 6.75 per cent growth in consolidated net profit to 4,264.78 crore in the December quarter.

Kotak Mahindra Bank Q3 results.(Aniruddha Chowdhury/Mint)
Kotak Mahindra Bank Q3 results.(Aniruddha Chowdhury/Mint)

The lender had reported a consolidated net profit of 3,995.05 crore in the year-ago period.

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On a standalone basis, the private sector lender’s profit after tax rose to 3,005.01 crore from 2,791.88 crore in the year-ago period, but was lower than the preceding September quarter’s 3,190.97 crore.

Its total income rose to 14,096 crore from 10,947 crore in the year-ago period, while operating expenses increased to 4,284 crore from 3,751 crore, the bank said in an exchange filing.

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The overall provisions jumped to 579.14 crore for the reporting quarter from the 148.83 crore in the year-ago period, which seemed to have impacted the profit growth.

The gross non-performing assets ratio for the lender was stable at 1.73 per cent as against the last disclosed 1.72 per cent in September 2023.

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The bank said the money set aside during the reporting quarter includes 190.13 crore towards its investments in Alternative Investment Funds (AIFs) following Reserve Bank of India guidelines.

Its overall capital adequacy stood at a healthy 19 per cent, down from 20.03 per cent three months ago.

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