Kotak Mahindra Bank's Net Profit Up 7.6% At Rs 3,005 Cr In Q3
![](https://static.businessworld.in/1701167311_g3NBxd_Screenshot_2023_11_28_155610.png)
Kotak Mahindra Bank has reported a 7.63 per cent year-on-year (YoY) increase in standalone net profit. The bank's net profit rose to Rs 3,005.01 crore compared to Rs 2,791.88 crore in the same quarter last year.
Additionally, the bank's net interest income for the quarter increased by 16 per cent YoY to Rs 6,554 crore from Rs 5,653 crore YoY. The net interest margin (NIM) for the quarter stood at 5.22 per cent. The bank also disclosed that it had made a provision (post-tax) of Rs 143 crore on applicable Alternate Investment Fund (AIF) investments pursuant to RBI's circular dated 19 December 2023.
The bank's interest earned for the quarter was Rs 11,799.02 crore, showing a growth of 31.2 per cent compared to Rs 8,998.61 crore in the same quarter last year. Income from fees and services also increased by 26 per cent YoY to Rs 2,144 crore from Rs 1,695 crore.
As of the December quarter, the bank had 4.8 crore customers, which is an increase from 3.9 crore customers in the year-ago period.
The Kotak Mahindra Bank reported that its gross non-performing assets (NPAs) as a percentage of advances stood at 1.73 per cent for the quarter, which is a decrease from 1.90 per cent in the year-ago quarter. Also, the net non-performing assets came in at 0.34 per cent compared to 0.43 per cent YoY. Further, the provision coverage ratio was at 80.6 per cent.
Additionally, the capital adequacy ratio (CAR), as per Basel III, as of 31 December 2023, was 21.2 per cent, and the Common Equity Tier I (CET I) ratio was 20.1 per cent (including unaudited profits), as per the BSE filing by Kotak Mahindra Bank.