Kotak Mahindra Gains Where HDFC Failed: Stock Zooms 3% On Q3 Results
Take Stock Of The Week Ahead

Get all the latest Share Market trends and news to set you up for the week ahead.

Congratulations!
You have successfully subscribed.

Shares of Kotak Mahindra Bank were gaining strongly on a special session of trading on Saturday after the stock posted robust third-quarter net interest income growth.

What Happened: Kotak Mahindra Bank reported a net profit jump of 7.6% at ₹3,005 crore for the December quarter, falling short of market expectations. However, the lender’s net interest income (NII) exceeded analyst estimates, reaching ₹6,554 crore compared to the estimates of around ₹6,430 crore.

Its net interest margin (NIM) for the quarter stood at 5.22%.

See Also: Amazon India Under Fire For Alleged Misleading Ram Temple Prasad Sale

The bank’s asset quality also showed improvement. Gross non-performing assets (NPAs) were at 1.68%, down from 1.91% in the year-ago quarter. Net NPAs were at 0.36%, a decrease from 0.48%. Both figures were only slightly short of analysts’ estimates.

Total advances increased by 19% year-on-year to ₹3.72 lakh crore from ₹3.13 lakh crore last year. Unsecured retail advances, including Retail Micro Finance, accounted for 11.6% of net advances, up from 9.3% in the year-ago period.

The current account and savings account (CASA) ratio stood at 47.7%, with average current deposits growing 5% to ₹59,337 crore from ₹56,372 crore last year.

Following the announcement of the results, the Kotak Mahindra Bank stock was trading at ₹1,817.30 on BSE, reflecting a 2.92% increase.

Price Action: Kotak Mahindra’s stock was up 2.98% at ₹1,817.05 in the afternoon session on Saturday.

Read Next: Mixed Reactions From Netizens To Saturday’s Full-Day Trading Surprise

Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.

Comments
Loading...
EarningsEarnings BeatsEquitiesNewsMarketsMoversTrading IdeasKotak Mahindra Bank