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Kotal Mahindra Bank Reports 12.3% Increase In Net Profit; NPAs Decline


Kotak Mahindra Bank, the second largest private lender by market cap reported its Q1FY19 results today with an increase in net profit by 12.3% over the previous year to Rs 1,025 crore. The bank has lagged in its net profit figure for the first three months to June even after retaining stable asset quality and robust growth in its loan book.

Kotal Mahindra Bank Reports 12.3% Increase In Net Profit; NPAs Decline


NII or net interest income increased by 15% to Rs 2,583 crore on account of an increase in the bank's combined loan book that grew by 24%.

Gross NPA at the bank reduced from 2.22% in the earlier quarter ended March to 2.17%. Correspondingly, net NPA at the bank also stood lower at 0.86 percent in comparison to 0.98% a quarter ago.

Nonetheless, provisions increased from Rs 306.9 crore to Rs 469.6 crore.

After the announcement of the bank's earning, the stock of Kotak Mahindra Bank fell by 2.1% to Rs. 1,369 and was last seen quoting 1,358.20 on the BSE.

Story first published: Thursday, July 19, 2018, 13:19 [IST]
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