(Reuters) - Indian private sector lender Kotak Mahindra Bank Ltd posted a nearly 20 percent increase in third-quarter profit on Friday, helped by higher interest and fee income and as bad loans dropped.
Net profit rose to 10.53 billion rupees ($165.11 million) in the quarter ended Dec. 31, from 8.80 billion rupees a year earlier, the country's fourth-largest private bank by assets said in a statement. bit.ly/2Dqnk5V
Analysts on average had expected a net profit of 10.69 billion rupees, according to Thomson Reuters data.
Gross bad loans as a percentage of total loans stood at 2.31 percent at end-December, compared with 2.47 percent in the previous quarter and 2.42 percent in the same period a year ago.
Net interest income rose about 17 percent to 23.94 billion rupees.
($1 = 63.7750 Indian rupees)
Reporting by Vishal Sridhar in Bengaluru; Editing by Biju Dwarakanath