Kotak Mahindra Bank net income up 10% to Rs 3,305 crore in Q3

Gross non-performing assets (NPA) inched up to 1.51% from 1.48% in the September quarter but declined from 1.68% in the December 2023 quarter.
Kotak Mahindra Bank net income up 10% to Rs 3,305 crore in Q3
Updated on: 
2 min read

MUMBAI: The fourth largest private sector lender Kotak Mahindra Bank has reported a growth of 10% in standalone net income to Rs 3,305 crore in the December quarter. On a consolidated basis, the net profit increased to Rs 4,701 crore as subsidiaries, barring the microfinance arm, reported better numbers.

The interest income rose 14.75% to Rs 16,633.14 crore from Rs 14,495 crore, the bank management told reporters in a concall Saturday. In the second quarter, the interest earned stood at Rs 16,426.97 crore.

Gross non-performing assets (NPA) inched up to 1.51% from 1.48% in the September quarter but declined from 1.68% in the December 2023 quarter. Similarly, net NPAs stood at 0.44% in the reporting quarter compared to 0.45% in the September 2024 period, and 0.36% in December 2023.

In absolute terms, gross NPAs stood at Rs 7,218.17 crore compared to Rs 6,834.74 crore in September 2024, and Rs 6,981.15 crore in December 2023, and net NPA stood at Rs 2,070.42 crore compared to Rs 2,066.51 crore in September, and Rs 1,487.03 crore in December 2023.

BSS Microfinance, its micro lending arm, reported a Rs 50 crore net loss in the reporting quarter as against Rs 104 crore profit in the year ago period.

Net interest income increased 10% to Rs 7,196 crore from Rs 6,554 crore and net interest margin stood at 4.93%.

Fees and services increased to Rs 2,362 crore from Rs 2,144 crore, up 10 percent on-year.

Customer assets, which comprises advances and credit substitutes, increased 15% on-year to Rs 4.59 trillion from Rs 4.01 trillion in December 2023.

Advances increased 16% to Rs 4.34 trillion from Rs 3.72 trillion in December 2023. Unsecured retail advances including retail microcredit stood at 10.5%.

Deposits grew 15% to Rs 4.59 trillion from Rs 3.99 trillion. Of this, current deposits grew 12% to Rs 66,589 crore and savings deposits were almost flat at Rs 1.24 trillion compared to Rs 1.23 trillion a year ago and term deposits rose 24% to Rs 2.68 trillion from Rs 2.16 trillion.

The capital adequacy ratio stood at 22.8 of which the CET-1 ratio was 21.7.

Related Stories

No stories found.

X
The New Indian Express
www.newindianexpress.com