Kotak Bank Q3 profit rises 23% YoY to Rs 1,291 cr

NEW DELHI: Kotak Mahindra Bank on Monday reported a 23 per cent year-on-year (YOY) jump in standalone profit-after-tax at Rs 1,291 crore for the December quarter, slightly better than Rs 1,273 crore anticipated by analysts in an ET Now poll. "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 Rs 271 crore," the bank told BSE.The bank had reported Rs 1,053 crore profit in the corresponding quarter, last year. 67621461 Net Interest Income (NII) for the quarter rose to Rs 2,939 crore for the quarter under review from Rs 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.NIM stood at 4.27 per cent in the year-ago quarter.Gross non-performing assets (NPAs) eased to 2.07 per cent in December quarter from 2.15 per cent in September quarter and 2.31 per cent in the year-ago quarter.

from Economic Times http://bit.ly/2CzU9uJ