NEW DELHI: Private lender Kotak Mahindra Bank made a quick turnaround on Monday after its December quarter earnings came in line with expectations.Around 1 pm, stock rallied by over 1 per cent to Rs 1,251 on BSE, but not before staying in red earlier on.
Kotak Bank reported a 23 per cent year-on-year (YoY) jump in standalone profit at Rs 1,291 crore for October-December, slightly better than Rs 1,273 crore projected by analysts in an ETNow poll.
The bank had reported Rs 1,053 crore profit in corresponding quarter last year.
Net interest income (NII) rose to Rs 2,939 crore for quarter under review from Rs 2,394 crore in previous year.
NII is difference between interest income a bank earns from its lending activities and interest it pays to depositors.Net interest margin (NIM) came in at 4.33 per cent as against 4.27 per cent in year-ago quarter, bank said in a BSE filing.Asset quality improved as gross non-performing assets (GNPAs) eased to 2.07 per cent in December quarter from 2.15 per cent in July-September quarter and 2.31 per cent in year-ago period.