India's Kotak Bank Q2 profit rises 29%, beats estimates
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓Kotak Bank reported a 29% rise in Q2 profit to 42.11 billion rupees, beating analyst estimates.
- ✓The lender saw strong loan growth of 25% and deposits grew 23% during the quarter.
- ✓While net interest margins fell to 4.31%, the bank’s asset quality improved as bad loan provisions dropped by 15%.
Story at a Glance
- Category
- BUSINESS
- Reported By
- Reuters
- Reading Speed
- 2 Minute(s)
- Market Focus
- India Economy
The country’s third-largest private lender by market capitalisation posted a stand-alone net profit of 42.11 billion Indian rupees ($443.5 million) for the three months ended September, up from 32.53 billion rupees for the same period last year.
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Analysts had expected a profit of 41.04 billion rupees, according to data compiled by LSEG.
Indian banks experienced strong loan growth during the financial second quarter across both corporate and retail segments, with lending against foreign-currency non-resident deposits also contributing to growth.
In June, the Reserve Bank of India introduced measures, including concessional hedging facilities and swap arrangements, to attract foreign currency deposits.
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Reuters
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