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Kotak Mahindra Bank posts 27.4% YOY rise in fiscal Q3 profit

Kotak Mahindra Bank Ltd. reported a 27.4% year-over-year increase in net profit for the fiscal third quarter ended Dec. 31, 2019.

The bank on Jan. 20 reported a fiscal third-quarter consolidated profit after tax of 23.49 billion Indian rupees, up from from 18.44 billion rupees in the prior-year quarter. EPS for the period rose to 12.28 rupees from 9.66 rupees.

Interest earned for the quarter climbed year over year to 83.32 billion rupees from 77.19 billion rupees.

Total income increased to 135.42 billion rupees from 113.47 billion rupees, while operating profit rose to 33.62 billion rupees from 27.08 billion rupees.

Provisions and contingencies for the quarter came to 4.73 billion rupees, compared to a write-back of 1.09 billion rupees in the prior-year period.

The bank's gross nonperforming assets ratio as of Dec. 31, 2019, came to 2.33%, up from 2.17% at Sept. 30, 2019, and 1.89% at Dec. 31, 2018. Its net NPA ratio for the period came to 0.87%, up from 0.82% at Sept. 30, 2019, and 0.67% at Dec. 31, 2018.

As of the end of 2019, the bank's capital adequacy ratio under Basel III stood at 18.21%, up from 18.15% at Sept. 30, 2019, and 16.52% at Dec. 31, 2018.

As of Jan. 20, US$1 was equivalent to 71.04 Indian rupees.