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Kotak Mahindra Bank reports a 67% annual growth in the first quarter of current fiscal year

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Kotak Mahindra Bank reported a 50.62 percent year-on-year increase in consolidated profit of Rs 4,150.19 crore for the first quarter of the current fiscal year on Saturday.

Kotak Mahindra Bank surpassed forecasts on Saturday, reporting a 67 percent year-on-year increase in net profit for the April-June quarter, boosted by increased net interest income and strong loan growth.

The Mumbai-based private lender’s standalone net profit rose to Rs 3,452.30 crore for the financial first quarter, above analysts’ average estimate of Rs 3,240 crore, according to Refinitiv data.

Kotak’s net interest income, the difference between interest earned and paid out, increased 33 percent to Rs 6,234 crore. Its net interest margin grew to 5.57 percent from 4.92 percent for the same quarter last year.

Loans grew 19 percent, while deposits rose just over 22 percent.

Due to high loan demand, Indian banks have continued to post double-digit credit growth in recent months. Lenders have increased their deposit base in response to tightening liquidity conditions.

Private banks such as HDFC Bank and IndusInd Bank have reported double-digit profit increase for the April-June quarter as a result of the robust lending growth.

Its gross non-performing assets (NPA) ratio was at 1.77 percent at the end of June, versus 1.78 percent at the end of March, while the net NPA ratio was 0.40 percent, compared with 0.37 percent at the end of the prior three months.

Provisions and contingencies, net of recoveries made against loan accounts written off as bad, stood at Rs 364 crore for the quarter. Its provision coverage was 78 percent.

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