Kotak Mahindra Bank Q3 consolidated PBT rises 6.3 per cent

posted a 6.26 per cent rise in consolidated profit before tax (PBT) at Rs 2,889.47 crore for the quarter ended December 31, 2019 (Q3FY20), from Rs 2,719.30 crore in the year-ago quarter.

Its net profit, however, rose 27.37 per cent to Rs 2,348.72 crore in Q3FY20, as against Rs 1,844.01 crore a year ago, mainly because of lower tax outgo in the quarter under consideration vs previous corresponding period, a filing on the BSE showed.

Total consolidated income was up 19.34 per cent per cent year on year (YoY) to Rs 13,542.43 crore.

On a standalone level, which represents the banking operations, PBT at Rs 1,944.07 crore was down 1.35 per cent YoY, while net profit was up 23.62 per cent YoY to Rs 1,595.9 crore.

On the asset quality front, the gross non-performing assets (NPAs), on standalone basis, for Q3FY20 rose to 2.46 per cent from 2.07 per cent in the year-ago quarter. Gross NPAs rose on sequential basis, too, from 2.32 per cent in June 2019 quarter.

Shares of the bank were trading 4.3 per cent down at Rs 1625 apiece on the BSE at 2.45 pm.

Disclosure: Entities controlled by the Kotak family have a significant holding in Business Standard Pvt Ltd

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