Kotak Mahindra Bank on Saturday reported a 7.63 per cent rise in standalone net profit for the third quarter ended December 31 that was a tad below estimates.

The private sector lender posted a net profit of Rs 3,005.01 crore compared with Rs 2,791.88 crore in the year-ago period.

While analysts had projected a net profit of around Rs 3,200 crore, the numbers did not have any adverse impact on the scrip, which ended with gains of 2.30 per cent at Rs 1,806.45 on the BSE.

The quarter saw provisions at the bank rising to Rs 579.14 crore from Rs 148.83 crore in the year-ago period.

Kotak Mahindra Bank said in its notes to accounts that it made a provision of Rs 190.13 crore on applicable alternate investments funds following the RBI circular in December.

The central bank had then placed restrictions on bank investments in AIFs and given them time till January 19 to liquidate such investments or make provisions.

IDFC First Bank

Private sector lender IDFC First Bank on Saturday reported an 18 per cent growth in net profit to Rs 716 crore on the back of improved interest income.

The bank had earned a net profit of Rs 605 crore in the October-December quarter of 2022.

The total income of the bank increased to Rs 9,396 crore in the quarter compared with Rs 7,064 crore in the December quarter of the previous fiscal, IDFC First Bank said in a regulatory filing.