Kotak Mahindra Bank posts 27 pc growth in profit during Sept quarter

MUMBAI: Kotak Mahindra Bank has posted an increase of 27 per cent growth in its profit after tax to Rs 2,581 crore for the quarter ended September 30, against Rs 2,071 crore in the corresponding period in the previous year.

The Mumbai-headquartered Bank on late Saturday said it had its net interest income (NII) increased to Rs 5,099 crore, from Rs 4,021 crore in the year-ago period, an increase of 27 per cent. Net interest margin (NIM) was 5.17 per cent for Q2FY23.

The Bank also said its operating profit for the second quarter was Rs 3,567 crore against 3,120 crore in the year-ago period.

The Bank also said that its number of customers reached 36.6 million against 28.5 million in the year-ago period.

Advances increased over 25 per cent to Rs 2,94,023 crore during the reviewed quarter, against Rs 2,34,947 crore in the year-ago period. Current account savings account (CASA) ratio as on September 30, 2022, stood at 56.2 per cent.

During the reviewed period, gross non-performing assets (GNPA) was 2.08 per cent. Credit cost on advances for the second quarter was 26 basis points (bps). The Bank also said its provision coverage ratio stood at 73.7 per cent.