Kotak Mahindra Bank's consolidated net interest income, the difference between interest earned and interest expended, rose 9.9 percent to Rs 1,510.07 crore compared to Rs 1,374.04 crore year-on-year
Private sector lender Kotak Mahindra Bank reported stable earnings with the consolidated net profit rising 11.3 percent on yearly basis to Rs 698.3 crore during April-June quarter on account of lower provisions and higher other income but higher operating expenses limited profitability of the bank. Consolidated net interest income, the difference between interest earned and interest expended, rose 9.9 percent to Rs 1,510.07 crore compared to Rs 1,374.04 crore year-on-year while other income (non-interest income) jumped 38 percent to Rs 1,871.27 crore during June quarter aided by profit on sale of investments including revaluation (insurance business). Operating expenses during the quarter shot up 42.9 percent to Rs 2,322.82 crore compared to Rs 1,625.72 crore in same quarter last year due to policy holders’ reserves, surrender expenses and claims. Asset quality of the bank improved in the quarter gone by on sequential basis. Gross non-performing assets (NPA) declined to 1.56 percent versus 1.63 percent quarter-on-quarter and 1.58 percent year-on-year while net NPAs slipped to 0.81 percent in June quarter from 0.88 percent in year-ago period Q-o-Q (0.80 percent in Q1FY14). Provisions and contingencies stood at Rs 27.24 crore during first quarter as against writebank of Rs 0.6 crore in previous quarter. In Q1FY14, provisions were Rs 159.55 crore.
Private sector lender Kotak Mahindra Bank reported stable earnings with the consolidated net profit rising 11.3 percent on yearly basis to Rs 698.3 crore during April-June quarter on account of lower provisions and higher other income but higher operating expenses limited profitability of the bank. Consolidated net interest income, the difference between interest earned and interest expended, rose 9.9 percent to Rs 1,510.07 crore compared to Rs 1,374.04 crore year-on-year while other income (non-interest income) jumped 38 percent to Rs 1,871.27 crore during June quarter aided by profit on sale of investments including revaluation (insurance business). Operating expenses during the quarter shot up 42.9 percent to Rs 2,322.82 crore compared to Rs 1,625.72 crore in same quarter last year due to policy holders’ reserves, surrender expenses and claims. Asset quality of the bank improved in the quarter gone by on sequential basis. Gross non-performing assets (NPA) declined to 1.56 percent versus 1.63 percent quarter-on-quarter and 1.58 percent year-on-year while net NPAs slipped to 0.81 percent in June quarter from 0.88 percent in year-ago period Q-o-Q (0.80 percent in Q1FY14). Provisions and contingencies stood at Rs 27.24 crore during first quarter as against writebank of Rs 0.6 crore in previous quarter. In Q1FY14, provisions were Rs 159.55 crore.
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