Private lender Kotak Mahindra Bank today reported a solid growth in its net profit for the April-June quarter. Kotak Mahindra Bank’s Q1 profit came in at Rs 6,249 crore against Rs 3,452 crore in the same period last year. The net profit was however aided by an one-time gain of Rs 3,519.90 crore.
Kotak Mahindra Bank’s Net Interest Income grew 9.8% YoY to Rs 6,842 crore in the April-June quarter as against Rs 6,233.7 crore in the same period last year.
Advances (incl. IBPC & BRDS) increased 20% YoY to Rs 405,957 crore as at June 30, 2024 from Rs 337,031 crore as of June 30, 2023. Customer Assets, which comprises Advances (incl. IBPC & BRDS) and Credit Substitutes, increased by 20% YoY to Rs 435,827 crore as at June 30, 2024 from Rs 362,204 crore as at June 30, 2023. Unsecured retail advances (incl. retail microcredit) as a % of net advances stood at 11.6% as at June 30, 2024.
Average Total Deposits grew to Rs 435,603 crore for Q1FY25 compared to Rs 361,295 crore for Q1FY24 up 21% YoY.
The bank’s GNPA (Gross Non-performing assets) as of Q1 was at 1.39% & (Net non-performing assets) NNPA was at 0.35%, while (GNPA was 1.77% & NNPA was 0.40% in the same period last year.
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