Kotak Mahindra Bank Q1 net profit up 12 per cent to Rs 1,025 crore

New Delhi: Kotak Mahindra Bank on Thursday reported 12.29 per cent rise in standalone net profit at Rs 1,024.94 crore for April-June, 2018-19.

The bank's net profit stood at Rs 912.73 crore in the corresponding period of 2017-18. Total income during the quarter stood at Rs 6,644.29 crore, up 19.44 per cent from the year-ago period, Kotak Mahindra Bank said in a regulatory filing.

Gross non-performing assets (NPAs) reduced to 2.17 per cent of gross advances as of June quarter 2018-19 from 2.58 per cent in the same period last year. Net NPAs also came down to 0.86 per cent of net advances from 1.25 per cent in the year-ago period.

The bank said slippages were at Rs 321 crore as against Rs 594 crore in April-June, 2017-18. Provisions for bad loans and contingencies were at Rs 469.63 crore for June quarter in comparison to Rs 203.74 crore in the same period a year ago.

Net Interest Income (NII) for the reported quarter rose to Rs 2,583 crore from Rs 2,246 crore earlier. Net Interest Margin (NIM) for the quarter under review was at 4.3 per cent. Shares of the bank were trading 1.52 per cent lower at Rs 1,380.75 apiece on BSE.