Kotak Mahindra bank posts 5% rise in Q2 profit

The standalone profit of Kotak Mahindra Bank for the quarter ended September 2024 has risen by 5 per cent to Rs 3,344 crore from Rs 3,191 crore in the corresponding period of last year.

The total income of the bank has also been higher, to the extent of Rs 15,900 crore compared to Rs 13,507 crore a year ago. Quite pivotal in this growth was interest income that booked at Rs 13,216 crore while it was Rs 11,193 crore in the preceding year.

Net Interest Income, or NII, stood at Rs 7,020 crore, 11 per cent year-on-year. This was up from Rs 6,297 crore in the same quarter of the previous fiscal. Meanwhile, its net interest margin contracted to 4.91 per cent from 5.22 per cent in the second quarter of the previous fiscal.

On the asset quality front, it successfully brought gross NPAs down to 1.49 percent of gross loans against 1.72 percent a year ago. Still, net NPAs rose to 0.43 percent from 0.37 percent in the second quarter of the previous financial year.

On a consolidated basis, Kotak Mahindra Bank's net profit at Rs 5,044 crore had 13 per cent growth, compared with Rs 4,461 crore in the quarter ended June 2023. Its return on assets (ROA) for consolidated results at 2.53 per cent declined from the comparable quarter last year with 2.68 per cent.