Kotak Mahindra Bank beats estimates; quarterly profit surges 51 per cent

Bengaluru: 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 per cent to 17.24 billion rupees (USD 243.15 million) for the three months to September 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 per cent versus a growth of 21 per cent in the same period last year, as demand for credit fell across the industry amid a slowdown in domestic consumption.