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Kotak Mahindra Bank Q3 Earnings: Net profit up 15% at Rs 2,131 crore, meets Street estimates

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Kotak Mahindra Bank Q3 Earnings: Net profit up 15% at Rs 2,131 crore, meets Street estimates

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Kotak Mahindra Bank Q3 results: Kotak Mahindra Bank reported a 15 percent year-on-year increase in net profit to Rs 2,131.4 crore for the December quarter. Shares rose as much as 2.7 percent to Rs 1,941.4 on BSE after the earnings announcement.

Kotak Mahindra Bank on Friday reported a net profit of Rs 2,131.4 crore for the quarter ended December, in line with Street estimates. The quarterly net profit was up 15 percent on a year-on-year basis.
Kotak Mahindra Bank shares rose as much as 2.7 percent to Rs 1,941.4 on BSE after the earnings announcement.
The private sector lender's net interest income (NII) - the difference between interest earned and interest paid - increased 8.2 percent to Rs 4,334 crore, according to a regulatory filing.
Analysts in a CNBC-TV18 poll had estimated Kotak Mahindra Bank's quarterly net profit at Rs 2,127.1 crore and NII at Rs 4,216.9 crore.
The lender reported a net interest margin of 4.62 percent.
The private sector lender's asset quality improved. Its gross non-performing assets as a percentage of total loans came down to 2.71 percent in the December quarter, from 3.19 percent in the July-September period.
Gross NPAs were at Rs 6,983 crore in the third quarter of the current financial year, as against Rs 7,658 crore in the three months to September 2021.
Net NPAs reduced 19.6 percent sequentially to Rs 2,003.5 crore.
Kotak Mahindra Bank's slippages stood at Rs 750 crore in the October-December period, according to the filing.