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  Business   Companies  25 Oct 2017  Kotak Mahindra Bank second-quarter profit rises, meets estimates

Kotak Mahindra Bank second-quarter profit rises, meets estimates

REUTERS
Published : Oct 25, 2017, 1:53 pm IST
Updated : Oct 25, 2017, 1:53 pm IST

Net profit rose to 9.94 billion rupees in quarter ended Sept 30, from 8.13 billion rupees a year earlier.

Gross bad loans as a percentage of total loans stood at 2.47 per cent at end-September.
 Gross bad loans as a percentage of total loans stood at 2.47 per cent at end-September.

Kotak Mahindra Bank India’s fourth-largest private sector lender by assets, posted a 22 per cent 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 September 30, from 8.13 billion rupees a year earlier, the Mumbai-based bank said.

 

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 per cent at end-September, compared with 2.58 per cent a quarter earlier and 2.49 per cent a year earlier.

Net interest income rose 16 per cent to 23.13 billion rupees in the quarter.

Tags: kotak mahindra bank, profit, shares, revenue, bad loans
Location: India, Delhi, New Delhi