India's Kotak Mahindra Bank on Saturday reported a better-than-expected 26% increase in net profit for the January-March quarter, helped by higher net interest income and strong loan growth.
A man walks past the Kotak Mahindra Bank branch in New Delhi, India, September 6, 2017. REUTERS/Adnan Abidion Saturday reported a better-than-expected 26% increase in net profit for the January-March quarter, helped by higher net interest income and strong loan growth.
The bank's loans increased by nearly 18% year-on-year, while deposits rose by 16.4%, largely led by term deposits. Indian banks have continued to report double-digit credit growth in recent months despite interest rate hikes worth 250 basis points by the Reserve Bank of India since last May, according to RBI data.
Thanks to strong credit growth, large private banks such as HDFC Bank and ICICI Bank reported a double-digit profit growth for the Jan-March quarter.
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