Fourth largest private sector lender Kotak Mahindra Bank on Saturday reported a massive 67 per cent on-year jump in standalone net income at Rs 3,452 crore for the June quarter.
Kotak Mahindra Bank on Saturday reported a massive 67 per cent on-year jump in standalone net income at Rs 3,452 crore for the June quarter
Fourth largest private sector lender Kotak Mahindra Bank on Saturday reported a massive 67 per cent on-year jump in standalone net income at Rs 3,452 crore for the June quarter.
On a consolidated level, the profit, which includes net gains from its brokerage/i-banking, ARC, wealth management and insurance businesses, grew 51 per cent to Rs 4,150 crore, the city-based lender said in a statement.
The key net interest income increased 33 per cent to Rs 6,234 crore driven by 5.57 per cent higher net interest margin for the reporting quarter as the bank passed on the entire 250 basis points hike by the central bank to its customers while did not reprice the deposits proportionately.
Fees and services income rose 20 per cent to Rs 1,827 crore and Casa ratio stood at 49 per cent.
Advances increased 19 per cent to Rs 3,37,031 crore, with customer assets, comprising advances and credit substitutes, rose 18 per cent to Rs 3,62,204 crore from Rs 3,06,123 crore in June 2022.
Unsecured retail advances, including retail micro finance, climbed 10.7 per cent of advances from 7.9 per cent.
Gross NPAs declined to 1.77 per cent from 2.24 per cent. The bank's net NPAs fell to 0.40 per cent from 0.62 per cent, and the provision coverage ratio stood at 78 per cent.