Results for Kotak Mahindra Bank's second quarter show a 24% increase in net profit and continued strong asset quality

23 Oct 2023 , 10:44 AM

On October 21, private sector lender Kotak Mahindra Bank announced a net profit of Rs 3,191 crore for the July-September FY24 quarter, a 23.66% increase from the Rs 2,581 crore recorded in the same quarter last year.

The net profit, at Rs 3,191 crore, exceeded the Rs 3092 crore market expectations.

Net interest income (NII) climbed to Rs 6,297 crore from Rs 5,099 crore reported in the same quarter of the previous fiscal, a 23.49% increase.

Additionally, the NII came in a little bit higher than the market forecast of Rs 6,226 crore.

Gross non-performing assets (NPAs) for the bank decreased from 2.08% in the same period last year to 1.72% this quarter. On the other hand, net NPA decreased from 0.55% to 0.37% for the quarter as compared to the same period last year.

From Rs 2.96 lakh crore the previous year to Rs 3.57 lakh crore this year, the lender’s advances climbed by 21% YoY. 

Current deposits increased by 8% to Rs 58,351 crore from Rs 53,971 crore. In comparison to the previous year, the average amount of savings deposits was Rs 1.21 lakh crore.

On October 21, Kotak Mahindra Bank shares finished at Rs 1770 per share, up 1.81%.

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