October 22, 2019 / 8:38 AM / a month ago

India's Kotak Mahindra Bank quarterly profit surges 51%

BENGALURU, Oct 22 (Reuters) - India’s Kotak Mahindra Bank Ltd reported its biggest quarterly profit in at least 17 years on Tuesday on higher interest income.

Net profit rose 51.1% to 17.24 billion rupees ($243.15 million) for the three months to Sept. 30, compared with 11.42 billion rupees last year, the Mumbai-based private-sector lender said in a filing here to the exchanges.

Thirteen analysts, on average, had expected a profit of 15.23 billion rupees, according to Refinitiv data.

However, loan growth during the quarter slowed to 15% versus a growth of 21% in the same period last year, as demand for credit fell across the industry amid a slowdown in domestic consumption. ($1 = 70.9020 Indian rupees) (Reporting by Chris Thomas in Bengaluru; editing by Uttaresh.V)

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