Kotak Mahindra Bank Q3 results: PAT grows 24% YoY to Rs 1,596 crore, misses Street estimates

NEW DELHI: Kotak Mahindra Bank on Monday reported a 24 per cent year-on-year (YoY) rise in standalone net profit at Rs 1,596 crore for the December quarter. The profit for the private lender stood at 1,291 crore in the same quarter last year.

Analysts in an ET NOW poll had projected the profit figure at Rs 1,650 crore.

Net Interest Income (NII) for the quarter rose 17 per cent to Rs 3,430 crore from Rs 2,926 crore in the same quarter last year.

Net interest margin (NIM) for the quarter expanded to 4.69 per cent from 4.31 per cent YoY.

Advances as on December 31 stood at 2,16,774 crore, up 10 per cent over Rs 1,96,432 crore in the year-ago day.

Gross non-performing assets (NPA) for the quarter stood at 2.46 per cent, which was higher than 2.32 per cent in September quarter and 2.07 per cent in December quarter of last year.

The bank made provisions and contingencies of Rs 444 crore for the quarter compared with Rs 407.93 crore in September quarter.

At 1.52 pm, the scrip was trading at Rs 1,654.30, down 2.56 per cent.