Kotak Mahindra Bank net up 32%

Kotak Mahindra Bank net up 32%

Kotak Mahindra Bank net up 32%

Kotak Mahindra Bank on Monday reported a 31.89 per cent increase in consolidated net profit for the third quarter ended December 31, 2015 at Rs 945.16 crore compared with Rs 716.61 crore in the third quarter of the previous fiscal.

Net interest income for the bank during the quarter grew 50.11 per cent to Rs 2,369.99 crore compared with Rs 1,578.77 crore in the comparable period.

On a standalone basis, the bank registered a 36.63 per cent increase in net profit at Rs 634.72 crore compared to Rs 464.52 crore in Q3FY15. 

Standalone net interest income grew 66.71 per cent to Rs 1766.21 crore compared to Rs 1059.44 crore an year ago.

Consolidated gross non performing assets (GNPAs) for the bank stood at 2.01 per cent compared with1.58 per cent an year ago while Net NPAs stood at 0.85 per cent compared with 0.83 per cent in the comparable period.

GNPAs for the bank on a standalone basis stood at 2.3 per cent compared to 1.87 per cent an year ago while net NPAs were nearly stable at 0.96 per cent compared with 0.97 per cent an year ago.

The merger of ING Vysya Bank (eIVBL) with the bank was effective from April 1, 2015 and accordingly the results for the quarter and nine months ended December 31, 2015 are for the merged entity and not comparable with previous periods.

The integration process is broadly on schedule and based on the current progress, the bank expects complete integration by April/May 2016, Kotak Mahindra Bank said.