Kotak Mahindra Bank net profit rises 6.75% to Rs 4,265 cr in Q3

Mumbai: Kotak Mahindra Bank on Saturday reported a 6.75 per cent growth in consolidated net profit to Rs 4,264.78 crore in the December quarter.

The lender had reported a consolidated net profit of Rs 3,995.05 crore in the year-ago period.

On a standalone basis, the private sector lender's profit after tax rose to Rs 3,005.01 crore from Rs 2,791.88 crore in the year-ago period, but was lower than the preceding September quarter's Rs 3,190.97 crore.

Its total income rose to Rs 14,096 crore from Rs 10,947 crore in the year-ago period, while operating expenses increased to Rs 4,284 crore from Rs 3,751 crore, the bank said in an exchange filing.

The overall provisions jumped to Rs 579.14 crore for the reporting quarter from the Rs 148.83 crore in the year-ago period, which seemed to have impacted the profit growth.

The gross non-performing assets ratio for the lender was stable at 1.73 per cent as against the last disclosed 1.72 per cent in September 2023.

The bank said the money set aside during the reporting quarter includes Rs 190.13 crore towards its investments in Alternative Investment Funds (AIFs) following Reserve Bank of India guidelines.

Its overall capital adequacy stood at a healthy 19 per cent, down from 20.03 per cent three months ago.