Kotak Mahindra Bank Q1 profit rises 12%

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Kotak Mahindra Bank Q1 profit rises 12%

Provisions more than double

Private sector lender Kotak Mahindra Bank reported a 12.3% increase in net profit to ₹1,025 crore for the quarter ended June 30, 2018.

Provisions for bad loans and contingencies stood at ₹470 crore for June quarter compared with ₹204 crore in the year-earlier period. The bank’s gross non-performing assets as at June end stood at 2.17% of gross advances compared with 2.58%, a year ago.

Slippages down

Slippages during the quarter were ₹321 crore, down from ₹594 crore in Q1FY18, the bank said in a statement.

Net interest income (NII) — the difference between interest earned and interest expended — for the period rose marginally to ₹2,583 crore from ₹2,246 crore.

Net Interest Margin (NIM) for the quarter stood at 4.3% compared with 4.5% in the year-earlier period. The bank’s stocks closed at ₹1350.25, or 3.7% down, on the BSE after the bank reported muted NII growth and margin erosion.

(Except for the headline, this story has not been edited by Daily Report and is published from a The Hindu.)

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