Kotak Mahindra net up 3 per cent

The core net interest income, at a standalone level, grew 16 per cent to Rs 2,050 crore, while the non-interest income moved up to Rs 910 crore from Rs 722.16 crore.

Kotak Mahindra Bank has reported a healthy 34 per cent growth in its December quarter net at Rs 1,267 crore, boosted by a spike in core interest income. The bank’s standalone profit fared better with a 39 per cent growth at Rs 880 crore during the third quarter ended December 2016. The core net interest income, at a standalone level, grew 16 per cent to Rs 2,050 crore, while the non-interest income moved up to Rs 910 crore from Rs 722.16 crore.

Kotak Bank avoided a slew of problems caused by the November 8 demonetisation, thanks to its April 2015 merger of ING Vysya Bank and the synergies, joint managing director Dipak Gupta told reporters. On the back of these synergies, the corporate loan book grew 10 per cent sequentially and 26 per cent year-on-year, while there was resilience in the home loan, commercial vehicles and construction equipment loans as well as home loans as well, Gupta said.