• Rajasthan

    Cong 99
    BJP 73
    RLM 3
    OTH 24
  • Madhya Pradesh

    Cong 114
    BJP 109
    BSP 2
    OTH 5
  • Chhattisgarh

    Cong 68
    BJP 15
    JCC 7
    OTH 0
  • Telangana

    TRS-AIMIM 95
    TDP-Cong 21
    BJP 1
    OTH 2
  • Mizoram

    MNF 26
    Cong 5
    BJP 1
    OTH 8

* Total Tally Reflects Leads + Wins

Kotak Mahindra Bank Q1 net profit rises 23 per cent

By: | Updated: July 20, 2017 11:26 AM

Kotak Mahindra Bank, India's fourth largest private sector lender by assets, posted a 23 percent jump in its first-quarter net profit, helped by higher interest and fee income.

kotak mahindra, kotak mahindra profit, kotak mahindra net profit, kotak bank profit, ing vyasyaAnalysts on an average had expected the Mumbai-based bank to report a net profit of 10.24 billion rupees. (Reuters)

Kotak Mahindra Bank, India’s fourth largest private sector lender by assets, posted a 23 percent jump in its first-quarter net profit, helped by higher interest and fee income. Net profit rose to 9.13 billion rupees ($141.84 million) in the quarter ended June 30 from 7.42 billion rupees a year earlier, the bank said on Thursday. Analysts on an average had expected the Mumbai-based bank to report a net profit of 10.24 billion rupees, according to Thomson Reuters data. Kotak Mahindra Bank, which bought smaller rival ING Vysya in 2015 in the country’s biggest ever bank acquisition, said its gross bad loan ratio as a percentage of total loans was nearly flat at 2.58 percent at end-June, compared with 2.59 percent at March-end. The bank’s gross bad loan ratio was 2.50 percent at June-end in 2016. Shares of the bank were up 1.4 percent at 0513 GMT.

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