Kotak Mahindra Bank sees 28% jump in Q3 net profit

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Kotak Mahindra Bank recently released its performance report for the third quarter of FY18, with the bank seeing an improved performance in most aspects. Net profit for the quarter ending December 2017 was Rs.1,053 crore, while the consolidated profit for the first three quarters stood at Rs.1,624 crore. This was a 20 per cent increase compared to its Q3 profit for FY2017.

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Kotak Mahindra Bank’s net profit for the quarter ending December 2017 stood at Rs.1,053 crore.

Kotak Mahindra Bank also registered a 17 per cent increase in its net interest income, with it jumping from Rs.2,050 crore in Q3 2017 to Rs.2,394 crore in the current quarter.

Total consolidated assets went up to Rs.3,19,806 crore, with the consolidated Networth being Rs.48,621 crore.

The bank received deposits to the tune of Rs.1,80,826 crore during the quarter. It also gave out loans worth Rs.1,59,071 crore during the same period.

The net interest margin for the quarter stood at 4.2 per cent. While the net non-performing assets (NPAs) for the consolidated period stood at 0.94 per cent, they were at 1.09 per cent for the standalone quarter.

Kotak Mahindra Bank currently offers its products and services through 1,375 branches. Banks have seen an improvement in their performance since demonetisation. Axis Bank, which recently announced its Q3 results also saw an increase in its profits.

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