Kotak Mahindra Bank share rose over 11% today after the private sector lender's announced its Q2 earnings. Share of Kotak Mahindra Bank rose 11.38% to Rs 1576 against previous close of Rs 1,415 on BSE. Kotak Mahindra Bank share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
The stock has gained 12.1% in the last 2 days.
The stock opened with a gain of 2.42% at Rs 1450 on BSE.
The share has lost 2.13% in one year and fallen 7.44% since the beginning of this year. The stock has gained 24.79% in one month. Total 5.83 lakh shares changed hands amounting to turnover of Rs 89.47 crore on BSE.
Market cap of the firm rose to Rs 3.06 lakh crore. The lender reported a 27 per cent year-on-year (YoY) rise in its net profit at Rs 2,184 crore in Q2 on account of lower tax rate and decline in provisions for bad loans.
The bank posted net profit of Rs 1,724 crore in the same quarter last year. On a consolidated basis, net profit was up 22 per cent year-on-year at Rs 2,947 crore.
The bank's pre-tax profit for Q2FY21 was Rs 2,929 crore, up 39 per cent from Rs 2,101 crore in Q2 FY20, Kotak Mahindra Bank said in a filing to the BSE.
Kotak Mahindra Bank's net interest income (NII), the difference between interest earned and interest expended, rose 17 per cent Rs 3,913 crore, from Rs 3,350 crore in Q2FY20. Net interest margin during the July-September quarter stood at 4.52 per cent.