Kotak Mahindra Bank, one of the leading financial institutions, has achieved an impressive growth in its standalone net profit for the quarter ending on September 30. The bank reported a net profit of ₹3,191 crore, marking a remarkable 24% increase compared to the same period in the previous fiscal year.
This significant growth can be largely attributed to improved core income and a reduction in non-performing loans. In the same quarter of the previous fiscal year, the bank had reported a net profit of ₹2,581 crore, highlighting the outstanding progress made by Kotak Mahindra Bank.
Furthermore, the bank also witnessed a substantial uptick in its total income, which reached ₹13,507 crore for the July-September period. This is a notable increase from ₹9,925 crore in the corresponding quarter of the previous year, as stated in a regulatory filing.
The net interest income of Kotak Mahindra Bank experienced a notable surge, rising by 23% to ₹6,297 crore from ₹5,099 crore in the previous year. Additionally, the net interest margin for the quarter improved to 5.22% compared to 5.17% in the corresponding period of the previous financial year.
In terms of assets quality, the bank showcased improvement by reducing its gross non-performing assets (NPAs) to 1.72% of gross advances, down from 2.08% a year ago. Similarly, the net NPAs also decreased to 0.37% from 0.55% in the same quarter of the previous year. These positive developments indicate the bank’s commitment to maintaining a healthy and robust portfolio.
Kotak Mahindra Bank’s capital adequacy ratio stood at an impressive 21.7% as of September 30, 2023, showcasing its strong financial position and ability to meet regulatory requirements.
On a consolidated basis, the bank reported a 24% rise in its net profit to ₹4,461 crore, in comparison to ₹3,608 crore in the same period of the previous fiscal. The total income on a consolidated basis also witnessed a substantial increase to ₹21,560 crore from ₹17,435 crore in the year-ago quarter.
These achievements underscore Kotak Mahindra Bank’s strong performance and its ability to navigate through challenging economic conditions. With its impressive growth and commitment to maintaining high-quality assets, the bank is likely to continue its upward trajectory in the financial industry.
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