Other income of the bank jumped 57 percent to Rs 466.5 crore from Rs 297 crore during the same period.
Private sector lender Kotak Mahindra Bank 's second quarter standalone profit after tax beat street expectations, rising 26 percent year-on-year to Rs 444.5 crore led by strong other income and lower provisions. Profit in the year-ago period was Rs 352.54 crore.
Standalone (includes only banking operations) net interest income rose by 12.4 percent, in-line, to Rs 1,039 crore in the quarter ended September 2014 compared to Rs 924.11 crore in same quarter last year.
According to the average of estimates of analysts polled by CNBC-TV18, profit was estimated at Rs 406 crore and net interest income at Rs 1,034 crore for the quarter.
Other income of the bank jumped 57 percent to Rs 466.5 crore from Rs 297 crore during the same period.
Asset quality was stable during the quarter with the standalone gross non-performing assets (NPA) at 1.89 percent as against 1.88 percent in previous quarter and 1.97 percent in the year-ago period. Net NPA stood at 1 percent compared to 0.98 percent Q-o-Q and 0.96 percent Y-o-Y.
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