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HomeBusinessKotak Mahindra Bank surges on strong Q4 results, 1:1 bonus

Kotak Mahindra Bank surges on strong Q4 results, 1:1 bonus

Kotak Mahindra Bank moved higher by four per cent to Rs. 1,395 on the NSE after reporting a better-than-expected 29 per cent year-on-year jump in its standalone net profit at Rs. 527 crore for the quarter ended March 2015 (Q4). The private sector lender had profit of Rs. 407 crore in a year ago quarter.

Analysts, on an average, had expected profit of Rs. 486 crore for the quarter.

Net interest income, the difference between interest earned and interest expended, grew by 16 per cent to Rs. 1,123 crore during January-March quarter against Rs. 966 crore in the corresponding quarter of previous fiscal.

Asset quality has also improved with the gross non-performing assets (NPA) declined to 1.85 per cent in March 2015 quarter from 1.98 per cent in March 2014 quarter and 1.87 per cent in December quarter. Net NPA too declined 0.92 per cent from 1.08 per cent in a year ago quarter and 0.97 per cent in previous quarter.

The stock opened at Rs. 1,348 and hit a high of Rs. 1,404 on the NSE after announcements of Q4 results.

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