Kotak Bank stock jumps after in-line Q3 results

NEW DELHI: Private lender Kotak Mahindra Bank made a quick turnaround on Monday after its December quarter earnings came in line with expectations.

The stock closed 2.96 per cent up to Rs 1,274 on the BSE, but not before staying in the red earlier on.

Kotak Bank reported a 23 per cent year-on-year (YoY) jump in standalone profit at Rs 1,291 crore for October-December, slightly better than Rs 1,273 crore projected by analysts in an ETNow poll.


The bank had reported Rs 1,053 crore profit in the corresponding quarter last year.

Net interest income (NII) rose to Rs 2,939 crore for the quarter under review from Rs 2,394 crore in the previous year. NII is the difference between the interest income a bank earns from its lending activities and the interest it pays to depositors.

Net interest margin (NIM) came in at 4.33 per cent as against 4.27 per cent in the year-ago quarter, the bank said in a BSE filing.

Asset quality improved as gross non-performing assets (GNPAs) eased to 2.07 per cent in the December quarter from 2.15 per cent in July-September quarter and 2.31 per cent in the year-ago period.