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Kotak Bank Q3 results | Net profit rises 15% YoY to Rs 2,131 crore, beats estimate

The bank's net interest income in the quarter grew 12 percent on-year to Rs 4,334 crore, a tad below the Street's expectation of Rs 4,474.7 crore

Mumbai / January 28, 2022 / 01:49 PM IST
 
 
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Kotak Mahindra Bank on January 28 reported a 15 percent year-on-year rise in net profit to Rs 2,131 crore for the quarter ended December, which was above analysts' expectations of Rs 2,073 crore.

The outperformance on the bottomline was thanks to the reversal of provisions to the tune of Rs 131 crore in the reported quarter, of which Rs 100 crore were made for COVID-19 contingencies.

The private sector lender's net interest income, the difference between the interest income the bank earned from its lending activities and the interest it paid to depositors, in the quarter grew 12 percent on-year to Rs 4,334 crore, a tad below the Street's expectation of Rs 4,474.7 crore.

“NII momentum expected to improve with focus on revving loan growth, in addition, to support from funding cost tailwinds,” brokerage firm Prabhudas Lilladher said in an earnings preview note.