NEW DELHI: Kotak Mahindra Bank on Saturday reported a standalone net profit of Rs 3,191 crore for the July-September FY24 quarter (Q2FY24), a 24% jump compared to Rs 2,581 crore profit in the year-ago period.
Net interest income (NII) for Q2FY24 rose to Rs 6,297 crore, from Rs 5,099 crore in Q2FY23, up 23% YoY. Net interest margin (NIM) was 5.22% for Q2FY24. Kotak’s gross non-performing asset (NPA) stood at 1.72% in Q2FY24, down from 2.08% recorded in the same quarter last year. Its net NPA for the quarter stood at 0.37%, improving from 0.55% on a year-on-year basis.
Kotak’s advances jumped by 21% YoY to Rs 3.57 lakh crore from Rs 2.96 lakh crore in the same quarter last year. The lender’s current deposits grew to Rs 58,351 crore compared to Rs 53,971 crore up by 8% YoY. On a consolidated basis, Kotak’s PAT for Q2FY24 was Rs 4,461 crore, up 24% YoY from Rs 3,608 crore in Q2FY23. Total assets managed/advised by the Group as of September 30, 2023, were Rs 4,98,342 crore, up 28% YoY.