Kotak Mahindra Bank reported 15% year-on-year growth in its net profit for the December quarter to Rs 2,131 crore on account of retail loan growth and better asset quality.

Advances grew 18% YoY in the December quarter to Rs 2.52 lakh crore. This was led by retail loans, which grew 29% YoY.

Net interest income (NII) grew 12% to Rs 4,334 crore, from Rs 3,876 crore a year ago. Other income rose 6% to Rs 1,364 crore from Rs 1,290 crore. 

Net non-performing assets (NPAs) fell to 0.79% of net advances compared to1.24% a year ago due to Rs 1,086 crore of recovery and upgrades during the quarter. The bank wrote back provisions of Rs 132 crore in the December quarter.

Total provisions stood at Rs 7,269 crore as on December 31, 2021.