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Kotak Mahindra Bank Q2 net profit falls 7%, asset quality improves

Kotak Mahindra Bank on Tuesday reported a 7% fall in its Q2 standalone net profit at ₹2,032 crore as compared to ₹2,184.5 crore in the year-ago quarter. Shares of Kotak Bank surged nearly 3% at ₹2217 apiece on the BSE in Tuesday’s deals after the earnings announcement.

The bank’s net interest income (NII), the difference between interest earned and interest expended, rose over 3% to ₹4,020.6 crore from ₹3,897 crore in the same quarter last year. Its provisions stood at ₹424 crore from ₹703.5 crore QoQ and ₹333.2 crore YoY.

Kotak Mahindra Bank’s gross non-performing assets (GNPA) during the second quarter stood at 3.19% as compared to 3.56% in the June quarter, however, it was higher than 2.70% in the year-ago quarter.

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