Kotak Mahindra Bank second-quarter profit rises, meets estimates

Kotak Mahindra Bank India’s fourth-largest private sector lender by assets, posted a 22 per cent rise in second-quarter profit on Wednesday, helped by higher interest income and lower bad loans ratio.

Net profit rose to 9.94 billion rupees ($152.62 million) in the quarter ended September 30, from 8.13 billion rupees a year earlier, the Mumbai-based bank said.

That matched the average analysts’ estimate of 9.94 billion rupees, according to data compiled by Thomson Reuters.

Gross bad loans as a percentage of total loans stood at 2.47 per cent at end-September, compared with 2.58 per cent a quarter earlier and 2.49 per cent a year earlier.

Net interest income rose 16 per cent to 23.13 billion rupees in the quarter.