Kotak Mahindra Bank Surges After Net Profit Rises 33% In June Quarter

Kotak Mahindra Bank share price: Shares of Uday Kotak-led bank surged as much as 3.97% to hit high of Rs 1,512.00 on the National Stock Exchange.

Kotak Mahindra Bank Surges After Net Profit Rises 33% In June Quarter

Kotak Bank: The bank's net NPAs came in at 0.73% versus 0.75% in March quarter.

Shares of billionaire Uday Kotak-led Kotak Mahindra Bank jumped nearly 4 per cent on Tuesday, a day after the private sector bank reported its earnings for the April-June period. On the National Stock Exchange (NSE), Kotak Mahindra Bank shares rose as much as 3.97 per cent to hit an intraday high of Rs 1,512.00. In a regulatory filing after market hours on Monday, the lender reported a 33 per cent rise in its net profit at Rs 1,360 crore in the quarter ended June 30, as against Rs 1,024.94 crore in the corresponding period a year ago.

On the Bombay Stock Exchange (BSE), the Kotak Mahindra Bank share price rose as much as 4 per cent to Rs 1,512 from its previous close of Rs 1,453.

The bank said its net interest income - the difference between the interest earned and interest expended - jumped 23 per cent to Rs. 3,173 crore in the first quarter of the current financial year, as against Rs. 2,582.90 crore a year earlier.

Kotak Mahindra Bank's gross non-performing assets (NPA) or bad loans came in at Rs. 4,613.52 crore in the April-June quarter, as against Rs. 4,468 crore in the previous quarter.

As a percentage of total advances, the gross NPA came in at 2.19 per cent versus 2.14 per cent in the March quarter.

Net non-performing assets declined marginally to 0.73 per cent versus 0.75 per cent in the previous quarter.

Net interest margin (NIM) - a key indicator of a bank's profitability - for first quarter of current financial year improved by 21 basis points to 4.49 per cent, according to the country's second largest private sector lender by market value.

Kotak Mahindra Bank's loan book grew 18 per cent to Rs. 2,08,030 crore.

At 1:52 pm, Kotak Mahindra Bank shares traded 3.71 per cent higher at 1,508.25, outperforming the benchmark Nifty index which was up 0.3 per cent.

More News