The Uday Kotak-led bank posted a standalone profit of Rs 570 crore and core net interest income of Rs 1,679 crore in the second quarter ended September 30.
Both the standalone and consolidated numbers beat the Street expectations, leading the bank share to gain.
Joint Managing Director Dipak Gupta said the merger of operations of ING Vysya with KMB will take another six months, saying the treasury and wholesale businesses are already aligned while the tedious retail is yet to be done.
The bank, which became the fourth biggest in the private space following the Rs 15,000-crore all stock merger completed in March, has already borne Rs 129 crore in expenses with regard to the merger and Gupta maintained the overall cost will be Rs 200 crore.
Group Chief Financial Officer Jaimin Bhatt maintained that the overall credit cost will remain as per the earlier announced target of 50 bps.
The market lapped the Kotak counter following better- than-expected numbers, despite a negative sentiment all across and pushed the share price up by 3.8 percent to Rs 688.60 on the BSE, whose benchmark Sensex dipped 0.70 percent.


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