Profit at Kotak Mahindra jumps 35%

Kotak Mahindra Bank on reported a 35% jump in its consolidated net profit for the January-March quarter to ₹2,589.3 crore on core income growth, and pointed out that lending exposure to the lower end of the spectrum in consumer loans is a challenging segment amid the pandemic.

On a standalone basis, it reported a 32.8% jump in net profit to ₹1,682.4 crore for the quarter, while the yearly profit for FY21 rose by 17% to ₹6,965 crore.

Net interest income for the quarter rose to ₹3,843 crore from the year-earlier period’s ₹3,560 crore, on the back of a 1.8% increase in overall loan book. The bank’s non-interest income increased to ₹1,950 crore.

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