Kotak Mahindra Bank Q3 profit surges 31% to ₹2,792 crore
The Hindu
The bank's total income increased to ₹11,099 crore in the latest December quarter from ₹8,260 crore in the year-ago period
Private sector Kotak Mahindra Bank on Saturday reported a 31% jump in its standalone profit at ₹2,792 crore in the quarter ended December 2022 aided by improvement in net interest income.
The bank had posted a net profit of ₹2,131 crore in the same quarter a year ago.
The bank's total income increased to ₹11,099 crore in the latest December quarter from ₹8,260 crore in the year-ago period, the bank said in a regulatory filing.
Net Interest Income (NII) for Q3FY23 increased by 30% to ₹5,653 crore from ₹4,334 crore in Q3FY22, it said.
Net Interest Margin (NIM) was 5.4% for Q3FY23, it added.
On the asset quality front, the bank recorded an improvement with gross NPAs (Non-Performing Assets) declining to 1.90% as compared to 2.71% at the end of third quarter of previous fiscal.
Net NPAs eased to 0.43% as against 0.79% in the same period a year ago.
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