Kotak Mah Bank rises over 2% post stellar Q3 earnings
Shares of Kotak Mahindra Bank gained more than 2 percent amid heavy volumes on Tuesday after reporting better-than-expected results in third quarter of financial year 2012-13.
January 22, 2013 / 13:39 IST
Shares of Kotak Mahindra Bank gained more than 2 percent amid heavy volumes on Tuesday after reporting better-than-expected results in third quarter of financial year 2012-13.
Standalone net profit grew by 31.16 percent year-on-year, higher than analysts' expectations, to Rs 362 crore in the quarter, helped by fall in provisions.Net interest income jumped 26.42% to Rs 823 crore from Rs 651 crore during the same period, which too came in above forecast.Analysts on an average were expecting net profit at Rs 306.7 crore and net interest income at Rs 779 crore for the quarter.Gross non-performing asset (NPA) fell by 15 basis points quarter-on-quarter to 1.46 percent and net NPA declined 11 basis points to 0.62 percent in the October-December quarter.Provisions against bad loans were Rs 42 crore, down by 41 percent compared to Rs 71 crore in previous quarter. Provision coverage ratio stood at 66.6 percent as on December 31.At 13:31 hours IST, the stock went up 2.23 percent to Rs 643.05 on Bombay Stock Exchange. Trading volumes increased quite significantly to 6,61,262 equity shares as compared to five day average of 90,022 shares. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
