Kotak Q3 net profit rises 6.75% to Rs 4,265 crore

Kotak Mahindra Bank on Saturday reported a 6.75 per cent growth in consolidated net profit to Rs 4,264.78 crore for the December quarter.

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On a standalone basis, the private sector lender’s posttax profit rose to Rs 3,005.01 crore from Rs 2,791.88 crore in the year-ago period, but was lower than the preceding September quarter’s Rs 3,190.97 crore.

The bank’s newly appointed Managing Director and Chief Executive Ashok Vaswani said the bank is in great shape, but the challenge before him now is to identify the particular area that can help it grow faster, and make the bank’s size bigger. The lender posted about 16 per cent increase in net interest income to Rs 6,554 crore on the back of a 19 per cent growth in advances, while net interest margins was down from last year’s 5.47 per cent to 5.22 per cent -- the same as the preceding September quarter. Its other income grew to Rs 2,297 crore from the year-ago period’s Rs 1,948 crore. The bank notched up a deposit growth of over 18 per cent.