October 24, 2018 / 7:25 AM / a month ago

India's Kotak Mahindra Bank Q2 profit misses estimates

Oct 24 (Reuters) - India’s Kotak Mahindra Bank Ltd posted a 14.8 percent rise in second-quarter net profit on Wednesday, boosted by higher interest and fee income, but missed analysts’ expectations.

Net profit was 11.42 billion rupees ($155.84 million) for the quarter ended Sept. 30, compared with 9.94 billion rupees a year earlier, the Mumbai-based private sector lender said in a statement here

Analysts on average had expected a profit of 11.65 billion rupees, according to I/B/E/S data from Refinitiv.

Gross bad loans as a percentage of total loans stood at 2.15 percent at end-September, compared with 2.17 percent a quarter earlier and 2.47 percent a year earlier. ($1 = 73.2800 Indian rupees) (Reporting by Chris Thomas in Bengaluru; Editing by Sunil Nair)

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