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Financials

India's Kotak Mahindra Bank profit rises 33%

BENGALURU, July 22 (Reuters) - India’s Kotak Mahindra Bank Ltd on Monday reported a 32.7% jump in quarterly profit, as it earned more revenue for its corporate business.

Net profit for the three months to June 30 rose to 13.60 billion rupees ($197.37 million), compared with 10.25 billion rupees a year ago, the country's fourth largest lender by market value said in a statement here.

That compared to analysts’ average estimates for a profit of 13.83 billion rupees, according to Refinitiv data.

Gross bad loans as a percentage of total loans, a measure of asset quality, came in at 2.19% by the end of June, versus 2.14% at the end of the March quarter and 2.17% in the same period a year ago. ($1 = 68.9050 Indian rupees) (Reporting by Chris Thomas in Bengaluru; Editing by Rashmi Aich)

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