Kotak Mahindra Bank Q3 results: Net profit rises 6.75% to ₹4,265 cr

Kotak Mahindra Bank on Saturday reported a 6.75 per cent growth in consolidated net profit to ₹4,264.78 crore in the December quarter.

The lender had reported a consolidated net profit of ₹3,995.05 crore in the year-ago period.

On a standalone basis, the private sector lender's profit after tax rose to ₹3,005.01 crore from ₹2,791.88 crore in the year-ago period, but was lower than the preceding September quarter's ₹3,190.97 crore.

Its total income rose to ₹14,096 crore from ₹10,947 crore in the year-ago period, while operating expenses increased to ₹4,284 crore from ₹3,751 crore, the bank said in an exchange filing.

ALSO READ- Reliance Jio Q3 results: Net profit rises 12% to ₹5,208 crore

The overall provisions jumped to ₹579.14 crore for the reporting quarter from the ₹148.83 crore in the year-ago period, which seemed to have impacted the profit growth.

The gross non-performing assets ratio for the lender was stable at 1.73 per cent as against the last disclosed 1.72 per cent in September 2023.

ALSO READ- Paytm Q3 results: Revenue jumps 38% to ₹2,851 crore

The bank said the money set aside during the reporting quarter includes ₹190.13 crore towards its investments in Alternative Investment Funds (AIFs) following Reserve Bank of India guidelines.

Its overall capital adequacy stood at a healthy 19 per cent, down from 20.03 per cent three months ago.