Kotak Mahindra Bank Q2 Results: Net Profit Up 24% To Rs 3,191 Cr

Kotak Mahindra Bank has reported a net profit of Rs 3,191 crore for the July-September FY24 quarter. This represents a substantial 23.66 per cent increase compared to the Rs 2,581 crore reported in the year-ago period. The bank's net profit exceeded market estimates of Rs 3,092 crore.

The bank's net interest income (NII) also showed strong growth, reaching Rs 6,297 crore, a 23.49 per cent increase from the previous fiscal's Rs 5,099 crore for the same quarter. The NII figure slightly surpassed market expectations of Rs 6,226 crore.

Kotak Mahindra Bank reported improved asset quality, with the gross non-performing asset (NPA) at 1.72 per cent, down from 2.08 per cent in the same quarter the previous year. The net NPA for the quarter stood at 0.37 per cent, showing improvement from 0.55 percent on a year-on-year basis.

The bank's advances grew by 21 per cent year-on-year to reach Rs 3.57 lakh crore, up from Rs 2.96 lakh crore in the previous year. Unsecured retail advances, including retail microfinance, experienced growth, standing at 11.0 per cent compared to 8.7 per cent the previous year.

In terms of deposits, current deposits grew to Rs 58,351 crore, an 8 per cent increase from Rs 53,971 crore. Average savings deposits stood at Rs 1.21 lakh crore, slightly lower than Rs 1.22 lakh crore the previous year.

Kotak Mahindra Bank's shares closed at Rs 1,770 apiece on 21 October, showing a gain of 1.81 per cent.