Kotak Mahindra Bank Q2 net rises 21% to Rs 1,747 crore
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Private sector lender Kotak Mahindra Bank on Wednesday reported a rise of 21.3 per cent in its consolidated net profit to Rs 1,747.37 crore in the second quarter ended September this fiscal. The bank had posted Rs 1,440.68 crore net profit in the July-September period of 2017-18.
Total income of the bank rose to Rs 10,829.08 crore in the second quarter, compared to Rs 9,140.40 crore in same period of the preceding fiscal, the bank said in a regulatory filing. Its gross non-performing assets (NPAs) fell to 1.91 per cent of the gross loans at the end of September 30, 2018 as against 2.14 per cent a year ago. In absolute terms, the gross bad loans stood at Rs 4,302.17 crore by the end of second quarter, 2018-19 compared to Rs 4,065.41 crore in same period a year ago.
Likewise, net NPAs or bad loans also came down to 0.73 per cent of net advances (Rs 1,617.66 crore) from 1.08 per cent (Rs 2,036.13 crore). However, the provisions for bad loans and contingencies were raised to Rs 359.71 crore for the quarter from Rs 252.86 crore parked aside for same period previous fiscal, the bank said.
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