By Kosaku NariokaKotak Mahindra Bank Ltd.'s fourth-quarter net profit rose 17% compared with the same period a year earlier thanks to improved earnings from its mainstay corporate and retail banking businesses. The Indian bank said Saturday that net profit for the quarter ended March 31 rose to 45.66 billion Indian rupees ($558.6 million) while total income increased 24% from a year earlier to INR207.31 billion. Fourth-quarter profit from its retail banking more than doubled to INR13.62 billion from INR6.48 billion a year earlier, profit from its corporate and wholesale banking increased 16% to INR20.89 billion and profit from its insurance business climbed 23% to INR3.45 billion. The ratio of gross nonperforming assets to gross advances fell to 1.76% in its fourth quarter from 2.37% a year earlier. Kotak Mahindra booked provisions of INR1.48 billion in its fourth quarter, compared with a reversal of provisions of INR3.98 billion a year earlier.

Source: Wall Street Journal May 01, 2023 02:33 UTC