Kotak Mahindra Bank Q1 Consolidated Net Up 11% to Rs 698 Crore

Private lender Kotak Mahindra Bank's consolidated net profit in the April-June quarter grew 11 per cent year-on-year to Rs 698.31 crore.

The lender's consolidated net interest income (interest earned over interest expended) grew 10 per cent to Rs 1,510 crore as compared to Rs 1,374 crore in the same quarter last fiscal.

Analysts polled by NDTV had estimated the lender to post a net profit of Rs 710 crore and NII of Rs 1,570 crore.

Kotak Mahindra Bank's net interest margin, a key measure of profitability, grew to 5 per cent as compared to 4.8 per cent in the first quarter of FY14.

However, the lender's net non-performing assets (percentage of total asset which do not yield any return) remained almost stable at 0.81 per cent of advances as compared to 0.80 per cent last year.

As of 12.35 p.m. shares in Kotak Mahindra Bank traded 0.53 per cent higher at Rs 876 compared to 0.33 per cent gain in Nifty.