Kotak Mahindra Bank Q2 net profit rises 5% to ₹3,344 crore
The Hindu
Kotak Mahindra Bank reports strong financial growth in Q2FY25 with increased profits and customer assets.
Kotak Mahindra Bank Ltd for the second quarter ended September 30, 2024 reported 5% year-on-year growth in net profit at ₹3,344 crore.
Net Interest Income (NII) increased to ₹7,020 crore, up 11% Y-o-Y. Net Interest Margin (NIM) was 4.91% for the quarter.
Gross non-performing assets (NPA) has decreased to ₹6,033 crore as on the end of the quarter from ₹6,087 crore a year ago.
However net NPA has gone up to ₹1,724 crore from ₹1,275 crore in the year ago period. Provisions during the quarter increased to ₹660 crore from ₹367 crore a year ago. Customer Assets, which comprised advances and credit substitutes increased by 18% Y-o-Y to ₹ 450,064 crore.
Advances increased 17% Y-o-Y to ₹4,19,108 crore. Unsecured retail advances (incl. retail microcredit) as a of net advances stood at 11.3% as at September 30, 2024.
Average total deposits grew to ₹4,46,110 crore, up 16% Y-o-Y. Capital Adequacy Ratio of the bank, as per Basel III, as at September 30, 2024 was 22.6% and CET1 ratio of 21.5% (including unaudited profits).
The bank’s consolidated net profit grew 13% to ₹5,044 crore as compared with ₹ 4,461 crore in the year ago period.
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