Kotak Bank net profit up 11% in third quarter
Private sector lender Kotak Mahindra Bank’s consolidated profit after tax (PAT) grew 11 per cent to Rs 2,602 crore in the third quarter ended December. It had posted a PAT of Rs 2,349 crore in the corresponding quarter of the previous fiscal.
On a standalone basis, the bank reported a 16 per cent rise in its net profit to Rs 1,854 crore in the quarter ended December, against Rs 1,596 crore in the year-ago period.
The bank’s group president and group chief financial officer Jaimin Bhatt said, “We have seen growth in the quarter coming back. During this period, the expenses have been under control, and other income has grown. So, from a year-on-year basis, there is more efficiency which has got in there.”
The bank’s gross non-performing assets (NPA) stood at 2.26 per cent compared with 2.46 per cent.
“Had the bank classified the borrowers more than 90 days overdue on December 31, 2020, as NPA, GNPA would be 3.27 per cent (2.70 per cent as of September 30, 2020),” the lender said in a release.
Uco Bank on Monday reported a net profit of Rs 35.44 crore for the third quarter ended December 2020. Lower provisioning aided the bottomline of the city-based bank.
The public sector lender had reported a net loss of Rs 960.17 crore during the corresponding quarter a year ago.
The net interest income of the bank for the quarter ended December 2020 increased to Rs 1,407.15 crore from Rs 1,236.59 crore a year ago, a growth of 13.79 per cent.
Gross NPA of the bank came down to Rs 11,440.47 crore (9.80 per cent) as on December 31, 2020, from Rs 22,139.65 crore (19.45 per cent) as on December 31, 2019.
Provisions for bad loans fell sharply to Rs 393.06 crore for the quarter under review from Rs 1,645.51 crore a year ago
Engineering and construction giant Larsen & Toubro (L&T) on Monday posted a 3 per cent increase in consolidated net profit at Rs 2,648.33 crore for the quarter ended in December 2020, compared with Rs 2,560.32 crore a year ago.
The profit rise is largely attributed to higher profit from IT & ITeS segment and sale of commercial property.