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Kotak Mahindra Bank rises over 2 pc, Union Bank falls nearly 8 pc post Q3 results

twitter-logo PTI        Last Updated: January 21, 2019  | 17:32 IST

New Delhi, Jan 21 (PTI) Shares of Kotak Mahindra Bank gained over 2 per cent on Monday after it reported 23 per cent growth in net profit to Rs 1,291 crore for the December quarter 2018. The private sector lender had posted a standalone net profit of Rs 1,053 crore in the October-December quarter of 2017-18. On BSE, the stock advanced 2.42 per cent to Rs 1,267.30. During the day, it was trading at a high of Rs 1,276 and a low of Rs 1,224.05. At NSE, the stock gained 2.73 per cent to end at Rs 1,274. Total income of the bank rose to Rs 7,214.21 crore during December quarter 2018 from Rs 6,049.02 crore in the year-ago period, Kotak Mahindra Bank said in a statement. During the quarter, gross non-performing assets (NPAs) declined to 2.07 per cent of the total advances as compared to 2.31 per cent at the end of the third quarter of 2017-18. Net NPAs of the bank declined to 0.71 per cent of the assets in October-December 2018, against 1.09 per cent a year ago. On the other hand, shares of Union Bank of India plunged over 7 per cent after the state-owned lender Monday posted a net profit of Rs 153.21 crore for the third quarter of 2018-19. The stock declined 6.39 per cent to settle at Rs 86.40 on BSE. Intra-day, it touched a low of Rs 85.20 and a high of Rs 93.45. On NSE, the stock closed at Rs 85.20, a decline of 7.89 per cent. The bank had posted a loss of Rs 1,249.85 crore in the corresponding period of the previous financial year. Its gross NPAs rose to 15.66 per cent of the total advances, from 13.03 per cent at the end of the third quarter of 2017-18. Net NPAs also rose to 8.27 per cent from 6.96 per cent a year ago. PTI SRS ANU

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