Kotak Mahindra Bank Q4 net jumps 25% on strong loan growth

 (Bloomberg)

Private sector lender Kotak Mahindra Bank reported a 25% growth in net profit for the quarter ended March 31, boosted by a strong loan growth. Kotak Mahindra Bank reported a 25% jump in net profit to 1,408 crore in the March quarter, as compared to 1,124 crore in the same quarter of the previous year. Overall its loans grew 21% as of end-March.

The bank’s net interest income jumped to 3,048 crore, from2,580 crore a year earlier. The net interest margin also inched higher to 4.48% during the quarter.

Other income also rose to 1,270 crore in the fourth quarter ended March 31, as compared to 1,151 crore a year earlier.

Asset quality remained stable, with gross bad loans as a percentage of the total at 2.14% by the end of March, compared with 2.07% in the previous quarter and 2.22% in the same period last year.

The bank’s board at a meeting held today recommended a dividend of 0.80 per equity share for 2018-19.

Shares of Kotak Mahindra Bank edged higher to settle at1,385, up 0.50%.

[“source=livemint”]