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[ad_1] Kotak Mahindra Bank's loans grew 19%, while deposits rose just over 22%. 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. Its net interest margin (NIM) grew to 5.57%, compared with 4.92% in the year-earlier period but was lower than 5.75% reported in the January-March quarter. Going forward, the bank's NIM "will keep moderating" as cost of funds keep moving up, Dipak Gupta, joint managing director said at a virtual press briefing. Margins will come back to the "normal" 5

[ad_1] Kotak Mahindra Bank's loans grew 19%, while deposits rose just over 22%. 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. Its net interest margin (NIM) grew to 5.57%, compared with 4.92% in the year-earlier period but was lower than 5.75% reported in the January-March quarter. Going forward, the bank's NIM "will keep moderating" as cost of funds keep moving up, Dipak Gupta, joint managing director said at a virtual press briefing. Margins will come back to the "normal" 5