Kotak Mahindra Bank Q3 net profit up 37%

Kotak Mahindra Bank Q3 net profit up 37%

Aided by higher other income and a decline in provisions, Kotak Mahindra Bank reported a 36.63 per cent increase in net profit for the third quarter ended December 31, 2014, at Rs 464.52 crore compared with Rs 339.98 crore in the same quarter of the previous fiscal.

Other income for the bank stood at Rs 494.1 crore compared with Rs 299.71 crore in the same quarter of the previous fiscal. Provisions during the quarter declined significantly to Rs 29.92 crore compared with Rs 69.74 crore in the previous fiscal.

“Growth in commercial vehicle and commercial equipment segment has been negative and growth is yet to pick up on the commercial side,” Kotak Mahindra Bank Chief Financial Officer Jaimin Bhatt said.

We are witnessing signs of an initial pickup in corporate demand, Bhatt added.
Net interest income for the bank grew 16.07 per cent to Rs 1,059.44 crore compared with Rs 912.74 crore an year ago. Net interest margin for the quarter stood at 4.94 per cent compared with 4.88 per cent an year ago.

The bank announced its merger with ING Vysya Bank in an all-stock deal subject to necessary approvals.

The deal is likely to be completed by the deadline of March 31, 2015.

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