Kotak Mahindra Bank's Q2 Consolidated Profit Up 21% At Rs 3,608 Cr
Kotak Mahindra Bank on Saturday reported a 21 per cent year-on-year increase in the consolidated profit after tax (PAT) at Rs 3,608 crore for Q2FY23. The company registered a PAT of Rs 2,989 crore in Q2FY22.
The private player's net interest income (NII) for Q2FY23 increased to Rs 5,099 crore, from Rs 4,021 crore in Q2FY22, up 27 per cent. Net Interest Margin (NIM) was 5.17 per cent for Q2FY23.
The Bank’s PAT for Q2FY23 stood at Rs 2,581 crore, up 27 per cent from Rs 2,032 crore in Q2FY22 (Rs 2,071 in Q1FY23). The fees and services for Q2FY23 was Rs 1,760 crore, up 24 per cent YoY.
Uday Kotak's Bank reported CASA ratio of 56.2 per cent for 30 September 2022, as against 60 per cent in the previous year.
As at September 30, 2022, GNPA was 2.08 per cent & NNPA was 0.55 per cent. Credit cost on advances for Q2FY23 was 26 bps (annualised) (including standard provisioning; excluding reversal of COVID & restructuring). The provision coverage ratio stood at 73.7 per cent.
Customer Assets, which includes Advances and Credit substitutes, increased by 25 per cent to Rs 3,21,324 crore as at September 30, 2022 from Rs 2,56,335 crore as at September 30, 2021 (Rs 3,03,629 crore as at June 30, 2022). Advances increased by over 25 per cent to Rs 2,94,023 crore as at September 30, 2022 from Rs 2,34,947 crore as at September 30, 2021 (Rs 2,80,171 crore as at June 30, 2022).
Bank's average current deposits grew to Rs 53,971 crore for Q2FY23 compared to Rs 50,485 crore for Q2FY22 up 7 per cent. Average Fixed Rate Savings deposits was Rs 113,408 crore for Q2FY23 compared to Rs 110,707 crore for Q2FY22 up 2 per cent. Average Term deposit up 20 per cent from Rs 116,819 crore for Q2FY22 to Rs 139,871 crore for Q2FY23.
As at 30 September 2022, COVID related provisions stood at Rs 438 crore. In accordance with COVID Resolution Framework announced by RBI, the Bank has standard restructured fund-based outstanding of Rs 354 crore (0.12 per cent of Advances). Under the MSME Resolution Framework, the Bank has standard restructured fund-based outstanding of Rs 640 crore (0.22 per cent of Advances) as at September 30, 2022.
Capital adequacy ratio of the Bank, as per Basel III, as at September 30, 2022 was 22.6 per cent and CET I ratio of 21.5 per cent (including unaudited profits).
