Kotak Mahindra Bank : Second-Quarter Net Profit Rose on Greater Investment Gains

By Kosaku Narioka

Kotak Mahindra Bank Ltd. said its second-quarter net profit rose 22% from a year earlier thanks to greater investment gains.

The Indian financial company said Monday that net profit for the quarter ended Sept. 30 rose to 29.47 billion Indian rupees ($399.1 million) from INR24.07 billion a year earlier. That beat the estimate of INR24.13 billion from a FactSet poll of analysts.

Second-quarter revenue increased 8.4% from a year earlier to INR135.91 billion, thanks to higher income on investments, profit on sale of investments and premium from the company's insurance business.

Kotak Mahindra Bank said it booked INR4.73 billion of provisions in its second quarter, including INR149.2 million of pandemic-related provisions. The total amount of provisions was virtually unchanged from a year earlier, but sharply down from INR11.19 billion in its first quarter.

Write to Kosaku Narioka at [e-mail]

(END) Dow Jones Newswires

10-26-20 0505ET