Kotak Mahindra Q2 profit dips 2.7% to Rs 3,253 crore
Kotak Mahindra Bank reported net profit fell 2.7 percent to 3,253 crore rupees in the July through September quarter compared with the same period last year. The Mumbai-based lender said on Saturday that net interest income rose 4 percent to 7,311 crore rupees while maintaining a margin of 4.54 percent.
Loan advances expanded 16 percent to 4.62 lakh crore rupees by the end of September as borrowing demand remained strong. Average deposits climbed 14 percent to 5.10 lakh crore rupees from a year earlier.
Asset quality improved with bad loan ratios declining to 1.39 percent from 1.49 percent. The bank maintained a provision coverage ratio of 77 percent while net bad loans dropped to 0.32 percent.
