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  Business   Companies  24 Oct 2018  Kotak Mahindra Bank Q2 profit rises nearly 15 per cent

Kotak Mahindra Bank Q2 profit rises nearly 15 per cent

REUTERS
Published : Oct 24, 2018, 1:22 pm IST
Updated : Oct 24, 2018, 1:22 pm IST

Net profit rose to 11.42 billion rupees ($155.84 million) for the quarter ended Sept 30.

Kotak Mahindra Bank shares fell as much as 0.9 per cent after the results.
 Kotak Mahindra Bank shares fell as much as 0.9 per cent after the results.

Kotak Mahindra Bank Ltd posted a 14.8 per cent rise in second-quarter net profit on Wednesday, boosted by higher interest and fee income, but missed analysts’ expectations.

Net profit rose to 11.42 billion rupees ($155.84 million) for the quarter ended Sept 30, missing analysts’ average estimate of 11.65 billion rupees, according to I/B/E/S data from Refinitiv.

 

Asset quality was stable, with gross bad loans as a percentage of total loans standing at 2.15 per cent at end-September, compared with 2.17 per cent a quarter earlier and 2.47 per cent a year earlier.

Interest earned climbed 22.1 per cent to 58.11 billion rupees, with loans as of end-September growing 21 per cent, the Mumbai-based private sector lender said in a statement.

Net interest margin or the difference between interest paid and earned, a key gauge of profitability, fell to 4.2 per cent from 4.33 per cent a year earlier.

Kotak shares fell as much as 0.9 per cent after the results.

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