Kotak Mahindra Bank Q2 net surges 26%; stock trades flat

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 Kotak Mahindra Bank Q2 net surges 26%; stock trades flat
Kotak Mahindra Bank: Quotes, News
BSE 723.35BSE Quote21.05 (2.91%)
NSE 723.55NSE Quote21.4 (2.96%)
Kotak Mahindra Bank has reported a net profit of Rs 353 crores for Q2 ending Sept 30, 2013 from Rs 280 crores in the corresponding period of last year.

Net Interest Income (NII) for Q2 FY14 up 22% to Rs 924 crores from Rs 758 crores in Q2 FY13. Advances as on September 30, 2013 were up 11% YoY to Rs 50,609 crores (Rs 45,443 cr as on September 30, 2012).

"The Bank is cautiously slowing down on CECV lending. Without considering CECV, the growth in advances was 18% YoY," the bank has stated in a press release.

Restructured loans considered standard as on September 30, 2013 Rs 45 crores - 0.09% of net advances. Savings deposits as on September 30, 2013 grew by 42% to Rs 8,385 crores from Rs 5,926 crores as on Sept 30, 2012.

The stock of Kotak Mahindra was last trading 1% higher following the results.

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Read more about: kotak mahindra bank, q2fy2104
Story first published: Thursday, October 24, 2013, 12:31 [IST]
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