Kotak Mahindra Bank’s standalone Q4 net profit up 25%

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Mumbai, April 30 (IANS) Kotak Mahindra Bank on Tuesday reported a rise of 25 per cent in its net profit for the fourth quarter (Q4) of 2018-19.

According to the lender, its net profit during the quarter under review rose to Rs 1,408 crore from Rs 1,124 crore reported for the corresponding period of previous fiscal.

“Net Interest Income (NII) for FY19 increased to Rs 11,259 crore from Rs 9,532 crore in FY18 and Q4FY19 increased to Rs 3,048 crore from Rs 2,580 crore in Q4FY18,” it said in a statement.

On a consolidated basis, the lender’s net profit for FY19 increased to “Rs 7,204 crore up from Rs 6,201 crore in FY18 and for Q4FY19 increased to Rs 2,038 crore up from Rs 1,789 crore in Q4FY18”.

Its Board of Directors have recommended a dividend of Rs 0.80 per equity share having face value of Rs 5 for the year ended March 31, 2019, subject to shareholders approval.

–IANS

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