Kotak Mahindra Bank has achieved an impressive 24% increase in its standalone net profit for the quarter ending on September 30, reaching ₹3,191 crore. This remarkable growth can be attributed to improved core income and a decrease in non-performing loans.
In comparison to the same quarter of the previous fiscal year, when the bank reported a net profit of ₹2,581 crore, Kotak Mahindra Bank has shown significant progress. Additionally, the total income of the bank has witnessed a substantial uptick, amounting to ₹13,507 crore for the July-September period, compared to ₹9,925 crore in the corresponding quarter of the previous year, according to a regulatory filing.
Furthermore, the bank’s net interest income has experienced a 23% increase, reaching ₹6,297 crore from ₹5,099 crore in the previous year. The net interest margin for the quarter also rose to 5.22%, up from 5.17% in the same period of the previous financial year.
On the front of assets quality, Kotak Mahindra Bank has shown improvement, with gross non-performing assets (NPAs) declining to 1.72% of gross advances at the end of September 2023, compared to 2.08% a year ago. Similarly, the net NPAs dropped to 0.37% from 0.55% in the same quarter of the previous year.
The bank maintains a strong capital adequacy ratio of 21.7% as of September 30, 2023. Additionally, on a consolidated basis, Kotak Mahindra Bank has reported a 24% rise in its net profit to ₹4,461 crore in the September quarter, compared to ₹3,608 crore in the same period of the previous fiscal. Its total income on a consolidated basis has also increased to ₹21,560 crore from ₹17,435 crore in the year-ago quarter.
Overall, Kotak Mahindra Bank’s impressive performance in the September quarter showcases its ability to generate substantial profits and strengthen its position in the banking industry.
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