Kotak Mahindra Bank's 67% Profit Jump Beats Expectations

The Mumbai-based private lender's standalone net profit rose to 34.52 billion rupees ($421.1 million) in the three-months ending June 30, above analysts' average estimate of 32.4 billion rupees, according to Refinitiv data.

India's Kotak Mahindra Bank beat expectations on Saturday with a 67% year-on-year rise in quarterly net profit, helped by higher net interest income and robust loan growth.

The Mumbai-based private lender's standalone net profit rose to 34.52 billion rupees ($421.1 million) in the three-months ending June 30, above analysts' average estimate of 32.4 billion rupees, according to Refinitiv data.

Kotak's net interest income, the difference between interest earned and paid out, increased 33% to 62.34 billion rupees.