Kotak Mahindra Bank Q3 consolidated net up 11% at Rs 2,602 cr on robust NII

Asset quality improves both YoY and sequentially; bank has also granted one-time recast of borrowers under RBI resolution framework, amounting to 0.28 per cent of its net advances

Private sector lender Kotak Mahindra Bank’s consolidated net profit jumped 11 per cent to Rs 2,602 crore in the October–December (Q3) of FY21, from Rs 2,349 in the corresponding quarter of FY20. On a standalone basis, the bank’s net profit jumped 16 per cent in Q3FY21 to Rs 1,854 crore, compared to Rs 1,596 crore in Q3FY20 due to healthy rise in net interest income (NII) and lower provisions.

NII, the difference between the interest income the bank earns from its lending activities and the interest it pays to its depositors, of the lender grew 17 per cent in the