Kotak Mahindra Bank sees 15% increase in Q3 profit

Bloomberg

Kotak Mahindra Bank Ltd.’s profit rises 15% in the third quarter on a cut in provisioning and higher net interest earnings aided by an easing of the pandemic.
Net income stood at 21.3 billion rupees ($284 million) in quarter ended December compared with 18.5 billion rupees a year ago. That beat an average estimate of 20.7 billion rupees from 11 analysts in a Bloomberg survey. The lender wrote back 1.3 billion rupees of provisioning in the quarter. It had set aside 4.24 billion rupees towards provisioning a year ago.
India’s fourth largest private lender, founded by the world’s richest banker Uday Kotak, has recently been bolstering consumer loans as the country recovers from a shadow banking crisis and the pandemic.
Kotak Mahindra Bank’s net interest income rose 12% to 43.3 billion rupees.