India's Kotak Mahindra Bank Q3 profit up 20%

Kotak Mahindra Bank Ltd posted a nearly 20% increase in third-quarter profit on Friday, helped by higher interest and fee income and as bad loans dropped.

Net profit rose to Rs 1,053 crore ($165.11 million) in the quarter ended December 31, from Rs 880 crore a year earlier, the country's fourth-largest private bank by assets said in a statement.

Analysts on average had expected a net profit of Rs 1,069 crore, according to Thomson Reuters data.

Gross bad loans as a percentage of total loans stood at 2.31% at end-December, compared with 2.47% in the previous quarter and 2.42% in the same period a year ago.

Net interest income rose about 17% to Rs 2,394 crore.

 

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