Kotak Mahindra Bank Q3 Standalone net rises by 19.72 percent

Mumbai, Jan 19: Private sector lender, Kotak Mahindra Bank Ltd reported a rise of 19.72 percent in its standalone net profit forthe quarter ended December 31, 2017 at Rs 1,053 crore as compared with Rs 879.76 crore for the same quarter a year ago. 

Standalone Total Income for the quarter ended December 31, 2017 grew by to Rs 6,049.02 crore as compred with Rs 5373.83 crore for the same quarter a year ago. 
On consolidated basis, the bank reported a rise of 28 percent in its net profit for the quarter under review at Rs 1,624.24 crore as compared with net profit of Rs 1,266.59 crore for the same quarter a year ago.
Net interest income, or the core income of the bank, rose 16.75 percent to Rs 2,393.72 crore compared with Rs 2,050.32 crore last  year Other income was at Rs1,039.82 crore, up 14.24% from Rs910.22 crore a year ago.
Provisions and contingencies rose 10.76 percent to Rs 212.77 crore from Rs 192.10 crore a year ago. On quarter-on-quarter basis, it fell marginally 1.74 percent from Rs216.53 crore.
Gross non-performing assets (NPAs) advanced 16.9 percent to Rs 3,714.99 crore at the end of the December quarter from Rs 3,177.88crore in the same quarter last year. The bank said during the quarter, restructured loans considered standard were at Rs 67
crore or 0.04 percent of net advances.
As a percentage of total loans, gross NPAs improved to 2.31 percent as compared to 2.47 percent in the previous quarter and 2.42% in the year-ago quarter. Net NPAs were at 1.09 percent in the December quarter compared to 1.26 percent in the previous quarter and 1.07 percent in the same quarter last year.
Advances rose 23.06 percent from a year ago to Rs 1.59 trillion.
Deposits gained 21.07 percent to Rs 1.81 trillion.
Saving account deposits grew 60 percent to Rs 55,397 crore, Current account deposits grew 21 percent to Rs 24,776 crore.
CASA ratio stood at 46.7 percent at the end of the quarter.
The bank's assets under management rose to Rs 1,82,879 crore from Rs 1,33,078 crore a year ago. UNI