Kotak Mahindra Bank Q2 net up 15% on year at Rs 1,142 crore

Mumbai: Kotak Mahindra Bank on Wednesday reported a 14.82 per cent on-year rise in its net profit for the quarter ended September at Rs 1,141.65 crore on the back of higher net interest income, and operating and other income.

The private lender had posted a net profit Rs 994.31 crore in corresponding period of last year, it said in a stock exchange filing.

While net interest income during second quarter of this fiscal year ending March rose 16.3 per cent on year to Rs 2,689 crore, the bank’s net interest margin stood at 4.2 per cent.

With the bank’s asset quality improving during the second quarter, gross non-performing assets (NPAs), or bad loans, ratio fell to 2.15 per cent, from 2.17 per cent in the previous quarter.

Kotak Mahindra Bank’s net bad loans ratio in the second quarter also fell to 0.81 per cent from 0.86 per cent in the previous quarter.

The bank posted a 27.77 per cent growth in retail loans in the second quarter at Rs 78,167 crore, while corporate loans increased 16.82 per cent to Rs 1,06,773 crore.

The shares of the lender settled largely unchanged at Rs 1177.30 apiece on the BSE.