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

MUMBAI (Reuters) – India’s Kotak Mahindra Bank reported a 24% 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% on-year to 62.97 billion rupees, while loans grew 21%.

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

(Reporting by Siddhi Nayak; Editing by Lincoln Feast)