Chennai, Jan 20 (IANS): Kotak Mahindra Bank Ltd on Saturday said it closed the third quarter of FY24 with an after tax profit of Rs 3,005 crore.

In a regulatory filing, the bank said the net profit for the quarter ended December 31, 2023 stood at about Rs 3,005 crore up from about Rs 2,792 crore in Q3FY23.

According to the bank, the Q3FY24 results include Rs 143 crore provision (post tax) on applicable Alternate Investment Fund (AIF) investments pursuant to RBI’s circular dated December 19, 2023.

Net Interest Income (NII) for Q3FY24 increased to Rs 6,554 crore, from Rs 5,653 crore in Q3FY23, up 16 per cent YoY.

Net Interest Margin (NIM) was 5.22 per cent for Q3FY24.

During the period under review, the bank's total interest income stood at Rs11,799.2 crore, up from Rs 8,998.61 crore earned during the corresponding period in the previous year.

As on December 31, 2023 the bank’s gross and net non-performing assets stood at Rs 6,301,67 crore (Rs 5,994.57 crore on December 31, 2022) and Rs 1,225.26 crore (Rs1,344.77 crore).