Kotak Mahindra Bank on Monday reported a 26.7 per cent jump in its standalone net profit to Rs 2,184.48 crore for the second quarter ended September 30.

The private sector lender had posted a net profit of Rs 1,724.48 crore during the same quarter a year ago.

The total income (standalone) rose to Rs 8,288.08 crore in the July-September period as against Rs 7,986.01 crore in the year-ago period, Kotak Mahindra Bank said in a regulatory filing.

The bank’s asset quality improved on a net basis, with the non-performing assets (NPAs) falling to 0.64 per cent of the net advances as on September 30, 2020, from 0.85 per cent by September-end 2019.

In value terms, the net NPAs were down at Rs 1,303.78 crore compared to Rs 1,811.40 crore. However, the gross NPAs rose to 2.55 per cent (Rs 5,335.95 crore) from 2.32 per cent (Rs 5,033.55 crore).

Provisions for bad loans and contingencies came down to Rs 368.59 crore for the reported quarter from Rs 407.93 crore parked aside for the year-ago period.

On a consolidated basis, the bank said the net profit rose 22.4 per cent to Rs 2946.62 crore during the second quarter 2020-21 against Rs 2,407.25 crore a year ago.

Total income grew to Rs 13,591.41 crore from Rs 12,542.99 crore.

The consolidated result of the bank included financials of its various domestic as well as international subsidiaries and associate companies.

Shares of Kotak Mahindra Bank closed at Rs 1,415.75 apiece on BSE, down 2.36 per cent from its previous close.

SBI Life

SBI Life Insurance Co Ltd on Monday reported over a two-fold jump in net profit at Rs 299.73 crore for the second quarter ended September of the current financial year.

The life insurer had posted a net profit of Rs 129.84 crore in the same quarter a year ago.

Total income rose 45 per cent to Rs 18,458.25 crore during July-September period of 2020-21 from Rs 12,745.38 crore in the corresponding quarter of 2019-20, SBI Life said in a regulatory filing.

Net premium income increased 22 per cent to Rs 12,857.95 crore during the quarter under review from Rs 10,111.51 crore a year ago.

Assets under management (AUM) grew to Rs 1,86,360 crore as on September 30, 2020 from Rs 1,54,760 crore as on September 30, 2019.