Kotak Mahindra Bank first-quarter net profit rises 23 percent
Kotak Mahindra Bank
Net profit rose to 9.13 billion rupees ($141.84 million) in the quarter ended June 30 from 7.42 billion rupees a year earlier, the bank said on Thursday. (https://goo.gl/7apPjZ)
Analysts on an average had expected the Mumbai-based bank to report a net profit of 10.24 billion rupees, according to Thomson Reuters data.
Kotak Mahindra Bank, which bought smaller rival ING Vysya in 2015 in the country`s biggest ever bank acquisition, said its gross bad loan ratio as a percentage of total loans was nearly flat at 2.58 percent at end-June, compared with 2.59 percent at March-end. The bank`s gross bad loan ratio was 2.50 percent at June-end in 2016.
Shares of the bank were up 1.4 percent at 0513 GMT. ($1 = 64.3675 Indian rupees)
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