July 20, 2017 / 6:39 AM / 3 months ago

Kotak Mahindra Bank first-quarter net profit rises 23 percent

REUTERS - Kotak Mahindra Bank (KTKM.NS), India’s fourth largest private sector lender by assets, posted a 23 percent jump in its first-quarter net profit, helped by higher interest and fee income.

Commuters walk past a bank sign along a road in New Delhi in this November 25, 2015 file photo. REUTERS/Anindito Mukherjee/Files

Net profit rose to 9.13 billion rupees ($141.84 million) in the quarter ended June 30 from 7.42 billion rupees a year earlier, the bank said on Thursday. (goo.gl/7apPjZ)

Analysts on an average had expected the Mumbai-based bank to report a net profit of 10.24 billion rupees, according to Thomson Reuters data.

Kotak Mahindra Bank, which bought smaller rival ING Vysya in 2015 in the country’s biggest ever bank acquisition, said its gross bad loan ratio as a percentage of total loans was nearly flat at 2.58 percent at end-June, compared with 2.59 percent at March-end. The bank’s gross bad loan ratio was 2.50 percent at June-end in 2016.

Shares of the bank were up 1.4 percent at 0513 GMT.

($1 = 64.3675 Indian rupees)

Reporting by Tanvi Mehta in Bengaluru; Editing by Subhranshu Sahu

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