PTI | | Posted by Singh Rahul Sunilkumar
Kotak Mahindra Bank on Saturday reported a 6.75 per cent growth in consolidated net profit to ₹4,264.78 crore in the December quarter.
The lender had reported a consolidated net profit of ₹3,995.05 crore in the year-ago period.
On a standalone basis, the private sector lender’s profit after tax rose to ₹3,005.01 crore from ₹2,791.88 crore in the year-ago period, but was lower than the preceding September quarter’s ₹3,190.97 crore.
Its total income rose to ₹14,096 crore from ₹10,947 crore in the year-ago period, while operating expenses increased to ₹4,284 crore from ₹3,751 crore, the bank said in an exchange filing.
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The overall provisions jumped to ₹579.14 crore for the reporting quarter from the ₹148.83 crore in the year-ago period, which seemed to have impacted the profit growth.
The gross non-performing assets ratio for the lender was stable at 1.73 per cent as against the last disclosed 1.72 per cent in September 2023.
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The bank said the money set aside during the reporting quarter includes ₹190.13 crore towards its investments in Alternative Investment Funds (AIFs) following Reserve Bank of India guidelines.
Its overall capital adequacy stood at a healthy 19 per cent, down from 20.03 per cent three months ago.