The bank had posted a profit of Rs 2,792 crore in the corresponding quarter of 2022-23.
Kotak Mahindra Bank's asset quality improved in the December quarter with gross non-performing assets (GNPA) ratio standing at 1.73% as compared to 1.90% in the same period of the preceding year.
"Q3FY24 results for the Bank include Rs 143 crore provision (post tax) on applicable Alternate Investment Fund (AIF) investments pursuant to RBI’s circular dated December 19, 2023," Kotak Mahindra Bank said in a media release.
The private lender's total income in Q3 of FY24 stood at Rs 14,096.04 crore as against Rs 10,946.93 crore in the corresponding period of FY23 thus registering 29% year-on-year growth.
The bank's net interest income (NII) in the December quarter of the current financial year rose 16% year-on-year to Rs 6,554 crore from Rs 5,653 crore in the same period of previous financial year 2022-23.
(With UNI inputs)