Kotak Mahindra Bank Q4 Net Rises To Rs 696 Crore, Meets Estimates

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Kotak Mahindra Bank reported a standalone net profit of Rs 696 crore for the fourth quarter ending March 31, 2016.

Its net interest income (NII), which is the difference of interest earned on advances over interest paid on deposits, grew to Rs 1,857 crore.

Analysts polled by NDTV Profit had estimated Kotak Mahindra Bank’s net profit at Rs 668 crore on NII of Rs 1,803 crore.

The private lender had reported a net profit of Rs 527 crore on NII of Rs 1,123 crore in the year-ago quarter. Its earnings are not comparable to previous year’s figures because the merger between Kotak Mahindra Bank and ING Vysya Bank came into effect from April 1, 2015.

Kotak Mahindra Bank’s gross non-performing assets increased to Rs 2,838 crore in Q4 against Rs 2,690 crore in the December quarter. As a percentage of total advances, gross non-performing assets stood at 2.36 per cent compared to 2.30 per cent sequentially.

Kotak Mahindra Bank shares closed 1.2 per cent higher at Rs 731.55 apiece, compared to 0.68 per cent loss in the broader Sensex.