Kotak Mahindra Bank's consolidated net profit rises 17% in Q3FY23

The lender's standalone net profit jumped 31% YoY in the October-December quarter

Private sector lender Kotak Mahindra Bank’s consolidated net profit jumped 17.4 per cent year-on-year (YoY) to Rs 3,995 crore in the October-December (Q3) quarter of FY23, compared to Rs 3,403 crore in the same period a year ago.

On a standalone level, which represents the banking operations, the lender reported a 31 per cent jump in net profit in Q3FY23 to Rs 2,792 crore, beating street estimates. Analysts polled by Bloomberg had estimated a net profit of Rs 2,611 crore for the quarter. The rise in profit after tax (PAT) was aided by higher net interest income (NII) because