<p>Shares of Kotak Mahindra Bank further gained nearly 10 per cent in early trade on Tuesday after the company reported a 22 per cent growth in consolidated net profit for the July-September quarter.</p>.<p>The stock jumped 9.75 per cent to Rs 1,553.90 on the BSE.</p>.<p>At the NSE, it zoomed 9.67 per cent to Rs 1,554.</p>.<p>On Monday, the shares of Kotak Mahindra Bank gained over 2 per cent.</p>.<p>Despite a marginal dip in loan book, reliance on credit substitutes in a market impacted by slowing economic growth helped Kotak Mahindra Bank report a 22 per cent growth in consolidated net profit at Rs 2,947 crore for the July-September quarter.</p>.<p>Without denying the speculation about a merger with smaller rival IndusInd Bank, the private sector lender said the objectives of a recent, Rs 7,000-crore capital raising exercise included acquisitions but added that it will be using the money judiciously.</p>.<p>On a standalone basis, it reported a profit after tax of Rs 2,184 crore for the July-September quarter, up 27 per cent compared to the year-ago period. Total income (standalone) rose to Rs 8,288.08 crore in the July-September period as against Rs 7,986.01 crore in the year-ago period.</p>.<p>The core net interest income grew by 17 per cent to Rs 3,913 crore despite a nearly 4 per cent decrease in loan book and the net interest margin coming down to 4.52 per cent from 4.60 per cent.</p>.<p>Its joint managing director Dipak Gupta said that for the last few months, the bank has been depending more on credit substitutes like certificate of deposits, commercial paper, non-convertible debentures for its earnings by deploying its deposits.</p>
<p>Shares of Kotak Mahindra Bank further gained nearly 10 per cent in early trade on Tuesday after the company reported a 22 per cent growth in consolidated net profit for the July-September quarter.</p>.<p>The stock jumped 9.75 per cent to Rs 1,553.90 on the BSE.</p>.<p>At the NSE, it zoomed 9.67 per cent to Rs 1,554.</p>.<p>On Monday, the shares of Kotak Mahindra Bank gained over 2 per cent.</p>.<p>Despite a marginal dip in loan book, reliance on credit substitutes in a market impacted by slowing economic growth helped Kotak Mahindra Bank report a 22 per cent growth in consolidated net profit at Rs 2,947 crore for the July-September quarter.</p>.<p>Without denying the speculation about a merger with smaller rival IndusInd Bank, the private sector lender said the objectives of a recent, Rs 7,000-crore capital raising exercise included acquisitions but added that it will be using the money judiciously.</p>.<p>On a standalone basis, it reported a profit after tax of Rs 2,184 crore for the July-September quarter, up 27 per cent compared to the year-ago period. Total income (standalone) rose to Rs 8,288.08 crore in the July-September period as against Rs 7,986.01 crore in the year-ago period.</p>.<p>The core net interest income grew by 17 per cent to Rs 3,913 crore despite a nearly 4 per cent decrease in loan book and the net interest margin coming down to 4.52 per cent from 4.60 per cent.</p>.<p>Its joint managing director Dipak Gupta said that for the last few months, the bank has been depending more on credit substitutes like certificate of deposits, commercial paper, non-convertible debentures for its earnings by deploying its deposits.</p>