Kotak Mahindra Bank Profit Jumps on Strong Fee Income, Lending
(Bloomberg) -- India's Kotak Mahindra Bank Ltd. posted a 65% rise in fourth-quarter profit, helped by robust fees and lending.
Net income stood at 27.7 billion rupees ($362 million) in the three months ended March 31, compared with 16.8 billion rupees a year ago, according to a statement Wednesday. That beat the average estimate of 21.5 billion rupees in a Bloomberg survey.
The country's fourth-largest private lender, founded by billionaire Uday Kotak, has been building up its retail lending book while keeping the focus on improving asset quality as the nation emerges from the Covid pandemic.
The bank's gross bad loan ratio narrowed to 2.34% at the end of March, from 2.71% three months earlier. It wrote back 3.1 billion rupees toward provisioning in the March quarter, compared with setting aside 7.3 billion rupees a year ago. It had written back 1.3 billion rupees in the December quarter.
Other key details from Kotak earnings:
- Fees and services income was at 16.97 billion rupees in the March quarter, up 23% year-on-year
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©2022 Bloomberg L.P.
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