Kotak Mahindra Bank Surges Most In 7 Months After September Quarter Earnings

Shares of Kotak Mahindra Bank surged as much as 11.38 per cent, its biggest single day gain since March 25, 2020, to hit an intraday high of ₹ 1,576.85 on the BSE a day after it reported September quarter earnings. The Uday Kotak-promoted bank on Monday said that its annual net profit in July-September period rose 27 per cent to ₹ 2,184.48 crore compared with ₹ 1,724.48 crore during the corresponding period a year ago. The jump in the private sector bank’s profit came on account of lower provisioning for non-performing assets – or bad loans – during the quarter.

Kotak Mahindra Bank’s provisions came down to ₹ 368.59 crore in the three-month period ended September 30, from ₹ 962 crore in the previous quarter.

Net interest income – the difference between interest earned and interest expended – rose 17 per cent to ₹ 3,913.21 crore, from ₹ 3,349.59 crore in the year-ago period, according to a regulatory filing by Mumbai-based Kotak Mahindra Bank.

Asset quality of the country’s third largest private sector lender by market value improved.

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