Kotak Mahindra Bank second-quarter profit rises, meets estimates

Updated: Wed, Oct 25, 2017
01:22 pm
Reuters
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Kotak Mahindra Bank , India`s fourth-largest private sector lender by assets, posted a 22 percent rise in second-quarter profit on Wednesday, helped by higher interest income and lower bad loans ratio.

Net profit rose to 9.94 billion rupees ($152.62 million) in the quarter ended Sept. 30, from 8.13 billion rupees a year earlier, the Mumbai-based bank said. http://bit.ly/2gBCFU8

That matched the average analysts` estimate of 9.94 billion rupees, according to data compiled by Thomson Reuters.

Gross bad loans as a percentage of total loans stood at 2.47 percent at end-September, compared with 2.58 percent a quarter earlier and 2.49 percent a year earlier.

Net interest income rose 16 percent to 23.13 billion rupees in the quarter. ($1 = 65.1300 Indian rupees)

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