India's Kotak Mahindra Bank on Saturday reported a 31% increase in standalone net profit for the October-December quarter, aided by a strong topline and healthy loan growth.
A man walks past the Kotak Mahindra Bank branch in New Delhi, India, September 6, 2017. REUTERS/Adnan Abidion Saturday reported a 31% increase in standalone net profit for the October-December quarter, aided by a strong topline and healthy loan growth.
Net interest income, the difference between interest earned and interest expended, rose 30.4% from a year ago to 56.53 billion rupees, while other income rose nearly 54%. The net interest margin was at 5.47% as compared to 4.62% last year. Indian banks are looking to fund the current pace of credit growth in the system by increasing their deposit base. Loans of Indian banks rose nearly 15% in the fortnight ending Dec. 30 compared to a year ago, while deposits rose only 9.2%, according to the latest data from the Reserve Bank of India.
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