Kotak Mahindra Bank Q4 profit rises 15% to Rs 1124 crore

Kotak Mahindra Bank Ltd, India’s fifth-biggest private sector bank by assets, on Monday reported a 15% rise in fourth-quarter net profit, boosted by higher interest and fee incomes.

Net profit was Rs 1124 crore ($169.34 million) for the three months ended March 31, compared with Rs 976 crore a year ago, the Mumbai-based bank said in a statement.

Analysts had on average expected a net profit of Rs1129 crore for the lender, which has the second-highest market capitalisation of about $33 billion in the sector, according to Thomson Reuters data.

Gross bad loans as a percentage of total loans dropped to 2.22% by end-March, compared with 2.31% in the preceding quarter and 2.59% a year ago.