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Principale » Kotak Mahindra Bank reports 23% rise in Q1 net profit, misses estimates

Kotak Mahindra Bank reports 23% rise in Q1 net profit, misses estimates

20 Juillet 2017

Private sector lender Kotak Mahidnra bank posted a 23 per cent jump in Q1 net profit buoyed by higher interest and fee income.

Kotak Mahindra Bank, which bought smaller rival ING Vysya in 2015 in the country's biggest ever bank acquisition, said its gross bad loan ratio as a percentage of total loans was almost flat at 2.58 percent at end-June, compared with 2.59 percent at March-end.

Gross non-performing assets (NPAs) rose to 2.58 per cent of gross advances as of June quarter this fiscal from 2.50 per cent in the same quarter of 2016-17.

However, this was lower than a poll of analysts done by CNBC-TV18, which pegged the profit growth at 40.3 percent at Rs 1,041.1 crore for April-June quarter.

NIM stood at 4.5 per cent for the quarter, compared with 4.6 per cent in the March quarter.

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IT company Mindtree fell as much as 4.3 per cent to its lowest since May 5, after it reported a 1.6 per cent drop in June-quarter profit.

The provisioning for the quarter saw a fall on a Q-o-Q basis at Rs 203.7 crore from Rs 267.4 crore in the March quarter.

The bank further told the exchanges that it had an exposure to the tune of Rs 236 crore to 4 of the 12 accounts sent to the Insolvency and Bankruptcy Code (IBC).

At 11:29 hrs Kotak Mahindra Bank was quoting at Rs 1,003.90, up Rs 9.15, or 0.92 percent on the BSE.

Kotak Mahindra Bank reports 23% rise in Q1 net profit, misses estimates