Private lender, Kotak Mahindra Bank, on Monday reported a 23 percent increase in net profit at Rs 1,290.9 crore for the third quarter ended December 31 largely due to a strong loan book growth.

The bank's net profit in the corresponding quarter of 2017-18 was at Rs 1,053 crore.

The CNBC-TV18 Polls had predicted a profit of Rs 1,266.8 crore for the quarter under review.

Advances as on December 31, 2018 were up 23 percent to Rs 196,432 crore (Rs 159,071 crore as on December 31, 2017). The CASA ratio as on December 31, 2018 stood at 50.7 percent compared to 46.7 percent as on December 31, 2017, the bank said.

Average savings deposits grew by 34 percent to Rs 73,958 crore for Q3FY19 compared to Rs 55,397 crore for Q3FY18. Average current account deposits grew by 19 percent to Rs 29,607 crore for Q3FY19 compared to Rs 24,776 crore for Q3FY18. TD sweep deposits as on December 31, 2018 were 6.7 percent of the total deposits, it said.

Capital adequacy ratio of the bank, including unaudited profits, as per Basel III, as on December 31, 2018 is 18.1 percent and Tier I ratio is 17.6 percent, a BSE filing said.

As on December 31, 2018, the bank had a network of 1,453 full-fledged branches and 2,270 ATMs affording it the capacity and means to serve its customers through its wide presence. As on December 31, 2018, gross non-performing assets (GNPA) was 2.07 percent and NNPA was 0.71 percent. As on December 31, 2018, SMA2 outstanding was Rs 344 crore (0.18 percent of net advances).

First Published:Jan 21, 2019 12:48 PM IST