By Kosaku NariokaKotak Mahindra Bank's second-quarter net profit climbed, thanks partly to improvement in its retail-banking business. The Indian bank said Saturday that net profit for the quarter ended Sept. 30 increased 24% from a year earlier to 44.61 billion Indian rupees ($536.4 million). Second-quarter revenue rose 24% to INR215.60 billion, thanks to gains in interest earned and income on investments. The bank booked provisions of INR4.55 billion in its second quarter, up from INR1.34 billion a year earlier as interest rates have risen in recent months. The ratio of gross nonperforming assets to gross advances declined to 1.69% in the second quarter from 2.09% a year earlier.

Source: Wall Street Journal October 23, 2023 01:42 UTC