Kotak Mahindra Bank Ltd. reported a 38% year-over-year increase in consolidated net profit for the quarter ended Sept. 30.
The India-based bank said its after-tax net profit for the fiscal second quarter increased to 24.07 billion rupees from 17.47 billion rupees in the year-ago period. EPS rose to 12.59 rupees from 9.15 rupees, according to the bank's Oct. 22 release.
Interest earned for the quarter grew to 84.19 billion rupees from 72.85 billion rupees. Other income, including income on investments, rose to 41.24 billion rupees from 35.44 billion rupees in the year-ago quarter. Total income came to 125.43 billion rupees, up from 108.29 billion rupees.
Operating profit also increased year over year to 34.18 billion rupees from 29.10 billion rupees.
The bank booked provisions and contingencies of 4.73 billion rupees, compared to 3.60 billion rupees a year earlier.
At the end of September, Kotak Mahindra Bank's gross nonperforming assets ratio stood at 2.17%, compared to 2.02% in the previous quarter and 1.91% in the prior-year quarter. Its net NPA ratio clocked in at 0.82%, up from 0.71% in the previous quarter and 0.73% in the year-ago quarter.
Kotal Mahindra Bank's capital adequacy ratio as of Sept. 30 came to 18.15%, up from 17.80% as of June 30 and from 17.04% as of Sept. 30, 2018.
As of Oct. 21, US$1 was equivalent to 70.89 Indian rupees.