Kotak Mahindra Bank's First-Quarter Net Profit Rose 51%

By Kosaku Narioka

Kotak Mahindra Bank's first-quarter net profit rose 51% from a year earlier thanks to stronger earnings from its retail and corporate-banking businesses.

The Indian bank said Saturday that net profit climbed to 41.50 billion rupees ($506.1 million) for the quarter ended June 30 from INR27.55 billion a year earlier.

Profit from corporate and wholesale banking rose 38% to INR19.28 billion and profit from retail banking doubled to INR11.38 billion from INR5.67 billion. First-quarter revenue rose 79% to INR207.24 billion.

Provisions increased to INR4.14 billion from INR88.0 million in the year-earlier period, while the ratio of gross nonperforming assets to gross advances declined to 1.75% from 2.27%. Customer assets, primarily advances, increased 19% to INR4.058 trillion as of the end of June.

On an unconsolidated basis, net profit increased 67% to INR34.52 billion, beating the estimate of INR32.59 billion from a poll of analysts by FactSet.

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

(END) Dow Jones Newswires

July 23, 2023 22:45 ET (02:45 GMT)

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