Kotak Mahindra Bank Reports 24% Surge in Q2 Profits, Reaches Rs 3,191 Crore
The bank's net interest income also saw remarkable growth, surging by 23% to Rs 6,297 crore from Rs 5,099 crore during the same period in July-September 2022.
Kotak Mahindra Bank, a leading private sector bank, has released its financial results for the second quarter of the 2023-24 fiscal year, spanning from July to September. The bank's quarterly profit has surged by an impressive 24%, reaching Rs 3,191 crore. This notable increase stands in stark contrast to the same period in the previous year when the bank's standalone net profit was reported at Rs 2,581 crore.
In a statement provided to the stock market on a Saturday, Kotak Mahindra Bank attributed this significant growth in profitability to enhanced revenue from its core operations and a reduction in non-performing loans. The bank's total income for this quarter reached Rs 13,507 crore, representing a substantial increase compared to Rs 9,925 crore in the corresponding quarter of the prior fiscal year.
The bank's net interest income also saw remarkable growth, surging by 23% to Rs 6,297 crore from Rs 5,099 crore during the same period in July-September 2022. Furthermore, the net interest margin increased to 5.22%, up from 5.17% in the same quarter of the previous fiscal year.
Additionally, Kotak Mahindra Bank displayed an improvement in asset quality. Gross non-performing assets (NPAs) fell to 1.72% of gross loans, down from 2.08% in the same period of the preceding fiscal year. The bank's net NPA decreased to 0.37%, a notable drop from 0.55% a year ago. The bank maintains a robust capital adequacy ratio of 21.7%. This overall performance showcases the bank's resilience and continued growth in the financial sector.
Also Read: Carelessness of yours will affect your credit score, your credit score will get spoiled
