Kotak Mahindra Bank Sept qtr net profit rises 24% to over Rs 4,422 crore

Mumbai: Kotak Mahindra Bank’s consolidated net profit for the September quarter increased by 23.56 per cent to Rs 4,422.86 crore, helped by core income.

The city-based lender also said that the Reserve Bank has approved Ashok Vaswani, an external candidate, to lead it and succeed its founder Uday Kotak as the managing director and CEO.

On a standalone basis, the bank’s September quarter net profit grew to Rs 3,191 crore as against the year-ago period’s Rs 2,581 crore.

Its core net interest income rose 20.49 per cent to Rs 6,297 crore on a 21 per cent growth in advances and a widening of net interest margins to 5.22 per cent.

The other income came at Rs 2,314 crore as against Rs 1,832 crore in the year-ago period.

The gross non-performing assets ratio improved to 1.72 per cent as against 2.08 per cent in the year-ago period and 1.77 per cent in the quarter-ago period.