Kotak Mahindra Bank shares gained more than 1 per cent in a weak market after India’s third largest private sector lender by market capitalisation clocked a 16.1 per cent year-on-year growth in profit at Rs 1,853.5 crore for the quarter ended December 2020, supported by net interest income (NII) growth and operating profit. In the year-ago quarter, the bank’s profit was Rs 1,596 crore. The shares of Kotak Mahindra Bank touched an intra-day high of Rs 1823.05, higher by 1.55 per cent on the back of the news development.
At 11:15 am, the shares of Kotak Mahindra Bank were trading at Rs 1,800.85, up 0.32 per cent, on the BSE.
NII, which the difference between interest earned and interest paid, grew by 16.8 per cent to Rs 4,007 crore in Q3FY21, compared with Rs 3,430 crore in year-ago quarter.
Gross non-performing assets (NPA) as a percentage of gross advances declined 29 bps sequentially to 2.26 per cent and net NPA fell 14 bps to 0.50 per cent for the quarter ended December 2020.
The BSE Sensex was at 47,942.55, lower by 405.95 points or 0.88 per cent and the NSE Nifty was at 14,125.55, down 112.50 points or 0.79 per cent at the time