Kotak Mahindra Bank net up to Rs 879 cr

Chennai, Jan 25 (IANS) Private sector Kotak Mahindra Bank on Wednesday said it has posted a net profit of Rs 879.76 crore for the third quarter of the the current fiscal, as against to Rs 634.72 crore for the same quarter last year.

In a regulatory filing with BSE, the bank also said its total income has increased from Rs 4,843.86 crore for the quarter ended December 31, 2015 to Rs 5,377.83 crore for the quarter ended December 31, 2016.

The bank’s net interest margin for the last quarter was at 4.49 per cent up from 4.34 per cent in corresponding quarter of the previous fiscal.

According to the bank, demonetisation has led to a significant increase in its various payment channels.

Kotak Mahindra Bank’s active debit card customers saw an increase of 86 per cent in the month of December 2016 as compared to the period prior to demonetisation.

Transactions on all the digital banking channels saw growth in terms of both volumes and value and the issuance of cheque books was up by 2.8 times.

Monthly transactions for the bank on mobile platform have crossed Rs 4,800 crore in December 2016, the bank said.