Kotak Mahindra Bank Q4 profit jumps 15% to ₹1,124 crore

MUMBAI: Kotak Mahindra Bank Ltd Monday reported an over 15% jump in March quarter net profit, boosted by higher net interest i ncome and other income.

Net profit for the quarter stood at ₹1,124.05 crore against ₹976.48 crore a year ago, the bank said. A poll of 11 analysts had expected the bank to post a net profit of ₹1,170.20 crore.

Net interest income (NII), or the core income a bank earns by giving loans, increased 19.4% to ₹2,579.75 crore, versus ₹2,161.37 crore last year. Other income stood at ₹1,151.63 crore, up 14.86% from ₹1,002.65 crore a year ago.

Uday Kotak, who has been re-designated as managing director and chief executive officer, said the profit growth would have been even higher, had it not been for the one-time hit of ₹82 crore related to employee costs from change in gratuity limits.

Provisions and contingencies rose 14.8% to ₹306.91 crore from ₹267.37 crore a year ago. On a quarter-on-quarter basis, they rose 44.24% from ₹212.77 crore.

Kotak said overall provisioning costs, which fell to 56 basis points in the previous fiscal from 61 basis points a year before, is expected to fall further. However, this will also depend on the movement in the bond market. Oyo Rooms Bigbasket Swiggy

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