Kotak Mahindra Bank net profit jumps 24% in Q2, meets estimates

Mumbai: India's Kotak Mahindra Bank reported a 24 per cent increase in second-quarter net profit on Saturday, buoyed by healthy core lending income and robust loan growth.

The Mumbai-based private lender's standalone net profit rose to 31.91 billion Indian rupees ($383.8 million) in the July-September quarter, from 25.81 billion rupees in the same period last year.

That was in-line with analysts' forecast of 31.31 billion rupees, LSEG data showed.

The standalone numbers do not include the business of the bank's subsidiaries.

Kotak's net interest income, the difference between interest earned and paid out, increased 23 per cent on-year to 62.97 billion rupees, while loans grew 21per cent.

Its gross non-performing assets (NPA) ratio was at 1.72 per cent at the end of September, compared with 1.77 per cent at the end of June.