Kotak Mahindra Bank gains nearly 3% post Q1 numbers

Shares of Kotak Mahindra Bank on Tuesday rose by nearly 3 per cent after the company reported a jump of 23 per cent in its consolidated net profit for the first quarter ended June 30. The scrip gained 2.76 per cent to close at Rs 1,493.70 on the BSE. During the day, it jumped 3.99 per cent to Rs 1,511.75.

On the NSE, shares went up by 2.74 per cent to close at Rs 1,494.15. In terms of the traded volume, 2.64 lakh shares were traded on the BSE and over 76 lakh units on the NSE during the day.

Kotak Mahindra Bank Monday reported a jump of 23 per cent in its consolidated net profit at Rs 1,932 crore in the first quarter ended June 30, 2019. The private sector bank had posted a net profit of Rs 1,574 crore during the same quarter of the previous fiscal ended June 2018.

On a standalone basis, the lender posted a 33 per cent rise in its net profit to Rs 1,360 crore during the June quarter of 2019-20, against Rs 1,025 crore in the same period year-ago, the bank said in a release. Its total income on a consolidated basis increased to Rs 12,129.56 crore during the quarter, from Rs 9,903.56 crore in the corresponding period of 2018-19. On a standalone basis, the income rose to Rs 7,944.61 crore from Rs 6,644.29 crore during the period, the bank said in a regulatory filing.

The bank's gross non-performing assets (NPAs) were marginally up at 2.19 per cent of the gross advances as at the end of June 2019 from 2.17 per cent as on June 2018. Net NPAs or bad assets, however, came down to 0.73 per cent from 0.86 per cent a year ago.