Kotak Mahindra Bank : Second-Quarter Net Profit Rose 22% -- Earnings Review

By Kosaku Narioka

Kotak Mahindra Bank Ltd. reported its second-quarter results on Monday. Here is what you need to know.

NET PROFIT: The Indian financial company's net profit rose 22% from a year earlier to 29.47 billion Indian rupees ($399.1 million) for the quarter ended Sept. 30, beating the estimate of INR24.13 billion from a FactSet poll of analysts.

REVENUE: Second-quarter revenue increased 8.4% from a year earlier to INR135.91 billion.

WHAT WE WATCHED:

--PROVISION: Kotak booked INR4.73 billion of provisions in its second quarter, virtually unchanged from a year earlier, but sharply down from INR11.19 billion in its first quarter. Provisions related to the Covid-19 pandemic fell to INR149.2 million in its second quarter from INR6.67 billion in the previous quarter.

--BANKING: On a stand-alone basis, average savings grew 32% for its first half compared with a year earlier, and average current account deposits rose 10%, while advances as of end-September fell 4.0% from a year earlier.

Write to Kosaku Narioka at [e-mail]

(END) Dow Jones Newswires

10-26-20 0557ET