Kotak Mahindra Bank's Fourth-Quarter Net Profit Rose 17% on Year

By Kosaku Narioka

Kotak Mahindra Bank Ltd.'s fourth-quarter net profit rose 17% compared with the same period a year earlier thanks to improved earnings from its mainstay corporate and retail banking businesses.

The Indian bank said Saturday that net profit for the quarter ended March 31 rose to 45.66 billion Indian rupees ($558.6 million) while total income increased 24% from a year earlier to INR207.31 billion.

Fourth-quarter profit from its retail banking more than doubled to INR13.62 billion from INR6.48 billion a year earlier, profit from its corporate and wholesale banking increased 16% to INR20.89 billion and profit from its insurance business climbed 23% to INR3.45 billion.

Advances grew 18% from a year earlier to INR3.591 trillion as of the end of March. The ratio of gross nonperforming assets to gross advances fell to 1.76% in its fourth quarter from 2.37% a year earlier.

Kotak Mahindra booked provisions of INR1.48 billion in its fourth quarter, compared with a reversal of provisions of INR3.98 billion a year earlier.

Write to Kosaku Narioka at kosaku.narioka@wsj.com

(END) Dow Jones Newswires

April 30, 2023 22:25 ET (02:25 GMT)

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