Friday, 25 October 2013

Kotak Bank Q2 net up 2 pc% on higher interest income, margin

Private sector Kotak Mahindra Bank today reported 26 per cent rise in standalone net profit at Rs 353 crore in the quarter ended September 30, boosted by a healthy growth in interest income and strong margin. 

The total income increased to Rs 2,469.46 crore in the second quarter ended September 30 from Rs 2,174.50 crore a year ago. The net interest income jumped 22 per cent to Rs 924 crore from Rs 758 crore in the same period last year, it said. 

The key profitability gauge, net interest margin (NIM), which is the difference between interest a bank pays on deposits and which it earns on advances, rose 30 bps to 4.9 per cent during the quarter despite adverse market conditions. 

The private lender's total advances rose 11 per cent to Rs 50,609 crore as against Rs 45,443 crore a year ago. 

No comments:

Post a Comment