Kotak Bank Q2 net rises 23%, RBI approves ex-banker Vaswani for top job
The Hindu
Kotak Mahindra Bank's Q2 net profit up 23.56% to Rs 4,422.86 cr. RBI approves Ashok Vaswani as MD and CEO. Core NII up 20.49%, other income at Rs 2,314 cr. Unsecured loans share at 11%. Delinquencies higher than last yr but lower than pre-Covid. Gross NPA ratio at 1.72%.
Kotak Mahindra Bank's consolidated net profit for the September quarter increased by 23.56% to Rs 4,422.86 crore, helped by core income.
The city-based lender also said that the Reserve Bank has approved Ashok Vaswani, an external candidate, to lead it and succeed its founder Uday Kotak as the managing director and chief executive officer.
On a standalone basis, the bank's September quarter net profit grew to Rs 3,191 crore as against the year-ago period's Rs 2,581 crore.
Its core net interest income rose 20.49% to Rs 6,297 crore on a 21% growth in advances and a widening of net interest margins to 5.22%.
The other income came at Rs 2,314 crore as against Rs 1,832 crore in the year-ago period.
At a time when the regulator is expressing concerns about the unsecured lending in the system, the bank reported a jump in the share of such loans in its book to over 11% from 8.7% in the year-ago period.
Its interim managing director and chief executive officer Dipak Gupta said the bank is "watchful" on the portfolio but will increase its contribution to the overall book to low to mid-teens.
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