Kotak Mahindra Bank Second-quarter Profit Rises, Meets Estimates
Kotak Mahindra Bank, India's fourth-largest private sector lender by assets, posted a 22 per cent rise in second-quarter profit on Wednesday, helped by higher interest income and lower bad loans ratio.
Net profit rose to Rs 9.94 billion ($152.62 million) in the quarter ended 30 September, from Rs 8.13 billion a year earlier, the Mumbai-based bank said.
That matched the average analysts' estimate of Rs 9.94 billion, according to data compiled by Thomson Reuters.
Gross bad loans as a percentage of total loans stood at 2.47 per cent at end-September, compared with 2.58 per cent a quarter earlier and 2.49 per cent a year earlier.
Net interest income rose 16 percent to Rs 23.13 billion in the quarter.
(Reuters)
