MUMBAI: Mid-sized private sector lender Kotak Mahindra Bank on Saturday reported an 18 per cent increase in net profit to Rs 4,133 crore for the January-March quarter of 2023-24, compared with the corresponding figure of Rs 3,496 crore in the same quarter of the previous year.

The bank’s net interest income during the fourth quarter rose by 13 per cent to Rs 6,909 crore, from Rs 6,103 crore in the same period last year.

Kotak Bank also recorded an improvement in its asset quality with gross non-performing assets (NPA) declining to 1.39 per cent of total loans from 1.78 per cent last year. The net NPA also fell to 0.34 per cent from 0.37 per cent in the same quarter last year.

The bank's advances increased 20 per cent year-on-year to Rs 391,729 crore as of March-end.