Kotak Mahindra’s quarterly net profit jumps 43% to Rs 403cr

Kotak Mahindra’s quarterly net profit jumps 43% to Rs 403cr Kotak Mahindra Bank enjoyed a 43 per cent jump in its standalone net profit in the three months ended June 30, thanks to an impressive increase credit growth and core income.

The private sector lender said that its net profit jumped to Rs 403 crore in the April-June quarter of the current financial year, against Rs 282.45 crore in the corresponding quarter of the previous financial year.

Total income grew by 28.94 per cent year-on-year to Rs 2,652.40 crore in the quarter under review.

Commenting on the results, Group Chief Financial Officer Jaimin Bhatt said, "During the quarter, the bank had seen sound growth in credit and deposit. Our margins also remained steady."

The bank's loan book improved 19 per cent to Rs 50,539 crore, while deposits increased 26 per cent to Rs 52,454 crore. Net interest income (NII) jumped 27 per cent to Rs 917 crore, while net interest margin (NIM) slightly climbed from 4.8 per cent to 4.8 per cent.

Dipak Gupta, joint managing director of the private sector lender, said that the Reserve Bank of India's new measures to squeeze out liquidity from the financial system in order to prevent any further fall in the rupee would have no impact the bank's NIM because the bank would pass it to its customers.

In the after-hours trading, Kotak Mahindra shares enjoyed a slight gain of 0.05 per cent to close at Rs 710.60 apiece at the Bombay Stock Exchange (BSE).




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