Kotak Mahindra Bank posts profit in third quarter

New Delhi: Private lender Kotak Mahindra Bank today posted a 35 per cent increase in net profit at Rs 1,266.5 crore for the third quarter ended December 2016.

The bank had recorded a consolidated net profit of Rs 938.31 crore for October-December of the previous fiscal, Kotak Mahindra Bank said in a statement. Total income rose to Rs 7,670 crore during the quarter under review as against Rs 6,950.41 crore a year ago.

On standalone basis, the bank saw a 39 per cent rise in net profit at Rs 879.76 crore for the December quarter as against Rs 634.72 crore in the same period a year earlier.

During the third quarter, the gross non-performing assets (NPAs) of the bank increased to 2.42 per cent of the total advances, from 2.01 per cent at the end of the third quarter of 2015-16. The net NPAs also rose to 1.07 per cent from 0.85 per cent of the total assets.