Kotak Mahindra Bank Ltd, India’s fifth-biggest private sector bank by assets, on Monday reported a 15 per cent rise in fourth-quarter net profit, boosted by higher interest and fee incomes.
Net profit was 11.24 billion rupees (USD 169.34 million) for the three months ended March 31, compared with 9.76 billion rupees a year ago, the Mumbai-based bank said in a statement here.
Analysts had on average expected a net profit of 11.29 billion rupees for the lender, which has the second-highest market capitalisation of about USD 33 billion in the sector, according to Thomson Reuters data.
Gross bad loans as a percentage of total loans dropped to 2.22 per cent by end-March, compared with 2.31 per cent in the preceding quarter and 2.59 per cent a year ago.
