Kotak Mahindra Bank's Profit Soars Amidst Rising Expenses

Kotak Mahindra Bank reported a consolidated net profit of Rs 4,701 crore in the December quarter, a 10.22% increase from the previous year. However, its standalone profit dipped slightly compared to the previous quarter. Despite a rise in income, expenses also surged, affecting overall financial metrics.

Kotak Mahindra Bank announced a 10.22% increase in its consolidated net profit for the December quarter, reaching Rs 4,701 crore. This marks a positive change from Rs 4,265 crore reported in the same period last year.

Despite the uptick, the bank's standalone net profit showed a slight decline from the previous quarter's Rs 3,343 crore to Rs 3,304 crore. This was against Rs 3,005 crore in the corresponding timeframe of the previous year.

Total income rose to Rs 16,050 crore from Rs 14,096 crore year-on-year, with expenses escalating to Rs 10,869 crore. The gross non-performing assets ratio slightly increased to 1.50%, and provisions rose to Rs 794 crore. The bank's stocks fell by 2.58% on the BSE, contrasting a 0.55% decline in the benchmark index.

(With inputs from agencies.)