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Home / Business / Kotak Mahindra Bank net profit takes 31 per cent jump

Kotak Mahindra Bank net profit takes 31 per cent jump

Operating expenses grew by a faster 32% to Rs 2,996.96 crore due to a surge in costs undertaken on product sales and also a hit on employee pensions
The bank chose to write-back Rs 279 crore in Covid-19 provisions done earlier.
The bank chose to write-back Rs 279 crore in Covid-19 provisions done earlier.
File Photo

The Telegraph   |   Mumbai   |   Published 29.01.22, 02:08 AM

Private sector lender Kotak Mahindra Bank on Friday reported a 30.79 per cent jump in its consolidated December quarter net profit at Rs 3,402.74 crore, helped by an all-round performance across subsidiaries.

On a standalone basis, the city-based lender posted a 15 per cent rise in post tax net profit at Rs 2,131.36 crore, with a rise in operating expenses restricting the growth. The bank's core net interest income rose 11.81 per cent to Rs 4,334 crore, on an 18 per cent jump in advances and a 0.26 per cent expansion in the net interest margin to 4.62 per cent.

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Other income grew marginally to Rs 1,363.66 crore, suppressed by a Rs 484 crore loss on its bond investments.

Operating expenses grew by a faster 32 per cent to Rs 2,996.96 crore due to a surge in costs undertaken on product sales and also a hit on employee pensions, its Chief Financial Officer Jaimin Bhatt told reporters.

The bank chose to write-back Rs 279 crore in Covid-19 provisions done earlier, which helped the profit number for the quarter, and the book now stands at Rs 1,000 crore.

Vedanta net up 26%

Vedanta Ltd on Friday reported a 26.2 rise in consolidated net profit at Rs 4,164 crore for the quarter ended December 31, 2021. The company had posted consolidated net profit of Rs 3,299 crore in the year-ago period, Vedanta Ltd said in a filing to BSE.

The consolidated income of the company during the October-December period increased to Rs 34,674 crore over Rs 23,621 crore earlier, the filing said.

Larsen profit declines

Larsen and Toubro (L&T) on Friday reported a 16.7 per cent decline in consolidated net profit at Rs 2,054.74 crore for the quarter ended December 2021, mainly due to one-off gains in the year-ago period.

The engineering major had posted consolidated net profit of Rs 2,466.71 crore in the same quarter of the previous fiscal, L&T said in a filing to BSE.

Dr Reddy’s

Dr Reddy's Laboratories on Friday reported a multi-fold jump in consolidated net profit at Rs 706.5 crore for the third quarter ended December 31, 2021.

The drug major had logged a net profit of Rs 19.8 crore in the same period of 2020-21. Revenues stood at Rs 5,319.7 crore during the third quarter as compared with Rs 4,929.6 crore in the same period of 2020-21, Dr Reddy's Laboratories said in a regulatory filing.



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