Kotak Mahindra Bank Q3 net up marginally to Rs 591 crore

Private lender Kotak Mahindra Bank today reported a marginal rise of 2.4% in consolidated net profit at Rs 591.25 crore for the third quarter ended December 2013.

Profit a year earlier was Rs 577.21 crore, Kotak Mahindra said in a filing to the BSE. Total income increased to Rs 4,424.5 crore from Rs 4,157.12 crore.

On a standalone basis, the bank's net profit declined to Rs 339.98 crore from Rs 361.68 crore in the third quarter a year earlier.

Total standalone income increased to Rs 2,492.01 crore for the quarter from Rs 2,399.44 crore.

Net interest income for the third quarter was up 11% to Rs 913 crore from Rs 823 crore a year earlier.

Kotak Mahindra shares fell 3.04% to Rs 706 in afternoon trade on the BSE.