Kotak Mahindra Q3FY21 results : Indian private sector lender reports 16% increase in net profit

Kotak Mahindra Q3FY21 results : Kotak Mahindra Bank, an Indian private sector bank, has registered a 16.1% growth in its third quarter net profit of this fiscal at INR18.53 billion compared to INR 15.95 billion reported for the same quarter of the last fiscal.

The bank’s net interest income for the quarter ended 31 December 2020 was up by 17% to INR 40 billion from INR 34.3 billion reported in Q3FY20.

As per the Kotak Mahindra Q3FY21 results, its other income was nearly flat at INR 13.34 billion in the reported quarter in comparison to the INR 13.41 billion reported for the same quarter of the previous fiscal year.

Provisions of the Indian private sector lender spiked by 34.9% from INR 4.44 billion in Q3FY20 to INR 5.99 billion in Q3FY21. Of these, the bank had reported Covid-19 related provisions of INR 12.8 billion.

Kotak Mahindra Q3FY21 results : Indian private sector lender reports 16% increase in net profit. Photo courtesy of Indrajit Das/Wikipedia.org.