Kotak Mahindra Bank stock jumps over 2% after Q3 net profit gains; ICICI Bank in green too

At mid-day, ICICI Bank was trading 1.71 percent higher at Rs 1,488.80, while Kotak Mahindra saw marginal gains and was trading at Rs 1781.

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Shares of Kotak Mahindra Bank jumped over 2 percent after the bank reported its fiscal third-quarter net profit expanded 8 percent on-year. ICICI Bank shares were also trading in the green on January 20 ahead of its Q3 results. Kotak Mahindra Bank stock was trading at Rs 1,780, while ICICI Bank was at Rs 1,003, up 0.4 percent in the afternoon trade.

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According to estimates, ICICI Bank could report a 20 percent year-on-year (YoY) growth in standalone net profit at Rs 9,946 crore for the December quarter. Net interest income could also rise 12 percent from the year-ago period to Rs 18,431 crore. Kotak Mahindra Bank, as per estimates was expected to report 16 percent YoY growth in standalone net profit at Rs 3,243 crore for the quarter ended December 2023. Net interest income is expected to come in at Rs 6,434 crore, jumping 14 percent from from year-ago period.

Last week, HDFC Bank shares fell almost 11 percent after they announced a disappointing Q3FY24 earnings before trading around 1 percent higher on the NSE on January 19.

Also read: HDFC Bank gains after the big fall. CLSA says ‘buy’, FIIs warming up to the stock

In Q2FY24, ICICI Securities registered a 35.7 percent YOY growth in standalone profit. Net Profit for the period grew 36 percent YoY to Rs 10,261 crore. Total income also increased to Rs 40,697 crore from Rs 31,088 crore in the previous fiscal. In Q2FY24, Kotak Mahindra Bank reported a net profit of Rs 3,191 crore,  a 23.66 percent year-on-year increase to Rs 2,581 crore clocked in the year-ago period.

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