Kotak Mahindra Bank quarterly profit surges 51 per cent

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October 22, 2019 2:21 PM

Net profit rose 51.1% to 17.24 billion rupees ($243.15 million) for the three months to Sept. 30, compared with 11.42 billion rupees last year, the Mumbai-based private-sector lender said in a filing to the exchanges.

Thirteen analysts, on average, had expected a profit of 15.23 billion rupees, according to Refinitiv data.Thirteen analysts, on average, had expected a profit of 15.23 billion rupees, according to Refinitiv data.

India’s Kotak Mahindra Bank Ltd reported its biggest quarterly profit in at least 17 years on Tuesday on higher interest income.

Net profit rose 51.1% to 17.24 billion rupees ($243.15 million) for the three months to Sept. 30, compared with 11.42 billion rupees last year, the Mumbai-based private-sector lender said in a filing to the exchanges.

Thirteen analysts, on average, had expected a profit of 15.23 billion rupees, according to Refinitiv data.

However, loan growth during the quarter slowed to 15% versus a growth of 21% in the same period last year, as demand for credit fell across the industry amid a slowdown in domestic consumption.

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