Kotak Mahindra Bank shares continue to gain; zoom nearly 10 pc

| | ,

0 0
Read Time:1 Minute, 17 Second

New Delhi: Shares of Kotak Mahindra Bank further gained nearly 10 per cent in early trade on Tuesday after the company reported a 22 per cent growth in consolidated net profit for the July-September quarter.

Despite a marginal dip in loan book, reliance on credit substitutes in a market impacted by slowing economic growth helped Kotak Mahindra Bank report a 22 per cent growth in consolidated net profit at Rs 2,947 crore for the July-September quarter.

Without denying the speculation about a merger with smaller rival IndusInd Bank, the private sector lender said the objectives of a recent, Rs 7,000-crore capital raising exercise included acquisitions but added that it will be using the money judiciously.

On a standalone basis, it reported a profit after tax of Rs 2,184 crore for the July-September quarter, up 27 per cent compared to the year-ago period. Total income (standalone) rose to Rs 8,288.08 crore in the July-September period as against Rs 7,986.01 crore in the year-ago period.

The core net interest income grew by 17 per cent to Rs 3,913 crore despite a nearly 4 per cent decrease in loan book and the net interest margin coming down to 4.52 per cent from 4.60 per cent.

Its joint managing director Dipak Gupta said that for the last few months, the bank has been depending more on credit substitutes like certificate of deposits, commercial paper, non-convertible debentures for its earnings by deploying its deposits.

blank

About Post Author

The Business Daily

The Business Daily is North East India’s first Financial News Portal. This Pink Portal covers all big breaking news from the world of Business, Brands, Politics, Entertainments, Sports etc.
Happy
Happy
0 %
Sad
Sad
0 %
Excited
Excited
0 %
Sleepy
Sleepy
0 %
Angry
Angry
0 %
Surprise
Surprise
0 %
Previous

Time has come for ushering in change in Bihar: Sonia Gandhi to voters

Nawazuddin Siddiqui to star with Elnaaz Norouzi in ‘Sangeen’

Next
Previous

Time has come for ushering in change in Bihar: Sonia Gandhi to voters

Nawazuddin Siddiqui to star with Elnaaz Norouzi in ‘Sangeen’

Next

Average Rating

5 Star
0%
4 Star
0%
3 Star
0%
2 Star
0%
1 Star
0%

Leave a Comment