Kotak Mahindra Bank's Third-Quarter Net Profit Rose 17% on Year

By Kosaku Narioka

Kotak Mahindra Bank Ltd.'s third-quarter net profit rose 17% from a year earlier thanks partly to increased earnings from its retail and corporate banking businesses.

Net profit for the quarter ended Dec. 31 rose to 39.95 billion rupees ($493.4 million) from INR34.03 billion a year earlier, the Indian bank said Saturday. That beat the estimate of INR35.01 billion taken from a poll of analysts by Visible Alpha.

Third-quarter revenue increased 30% from a year earlier to INR184.81 billion.

Profit from its corporate and wholesale-banking business rose to INR18.15 billion from INR16.91 billion a year earlier, while profit from its retail banking climbed to INR9.02 billion from INR2.27 billion.

The ratio of gross nonperforming assets to gross advances fell to 1.91% from 2.75% a year earlier, the bank said.

Write to Kosaku Narioka at [e-mail]

(END) Dow Jones Newswires

01-22-23 2155ET