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Kotak Mahindra Bank’s Profit Hikes By 23 Per Cent In Q3

Kotak Mahindra earned profit-after-tax INR 1,291 crore in December quarter.
BY BEx Bureau
BusinessEx
Jan 21, 2019

The Indian private bank, Kotak Mahindra Bank has soared profit by 23 per cent in December quarter. The profit gained by the Indian bank is INR 1, 291 crore which is above the anticipation of ET Now Polls analysts. Earlier on, the analysts anticipated INR 1,273 crore profit of the Indian private bank. However, Q3 profit has crossed the anticipated numbers.

The bank told BSE, In accordance with the RBI communication, provision for mark-to-market depreciation on AFS and HFT investments continue to be presented under Provisions Contingencies. However, if above provision for mark-to-market depreciation were treated as part of other income, the adjusted income will be higher by INR 271 crore. (source:ET)

Kotak Mahindra Bank said in a BSE filing, Net Interest Income (NII) for the quarter rose to INR 2,939 crore for the quarter under review from INR 2,394 crore in the same quarter last year. Net Interest Margin (NIM) for the quarter came in at 4.33 per cent, the bank said in a BSE filing. (source: ET)

Last year, the bank received gains up to INR 1,053 crore and NIM was 4.27 per cent in the same quarter.

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