Kotak Mahindra Bank Q1 net jumps fourfold to Rs 741 crore

Kotak Mahindra Bank Thursday reported almost fourfold jump in standalone net profit to Rs 741.97 crore in the first quarter ended June.

Net profit of the bank was at Rs 189.78 crore in the corresponding period last fiscal.

"Total income has increased to Rs 5,120.03 crore for the quarter ended June 2016 from Rs 4,583.86 crore a year ago," it said in a regulatory filing.

Consolidated profit of Kotak Mahindra Group also more than doubled to Rs 1,067.10 crore during April-June from Rs 516.57 crore in the year-ago period.

Income on consolidated basis increased to Rs 7,866.88 crore as against Rs 6,384.63 crore.

Asset quality improved slightly as gross non-performing assets (NPAs) rose to 2.2%of gross advances as of June 2016, from 2.04% in the same quarter of 2015-16.

Net NPAs rose to 1.06% of net advances as of quarter ended June from 0.93% in the same period last fiscal.

Provisions for bad loans and contingencies were at Rs 213.57 crore for the first quarter in comparison to Rs 321.90 crore in the same quarter a year ago.

Shares of the bank traded 1.80% down at Rs 768.10 on BSE.