Kotak Mahindra Bank’s earnings increased by 31% year on year (YoY) to Rs 2,792 crore in the October-December quarter of 2022-23. In the third quarter of FY23, net investment income (NII) increased by more than 30% year on year to Rs 5653 crore.
The bank announced that its asset quality improved as its gross NPA fell dramatically. Provisions, on the other hand, rose throughout the quarter.
According to an exchange report, the bank’s net interest margin (NIM) increased to 5.47 percent in the October-December quarter from 4.62 percent the previous year.
Its CASA ratio fell to 53.3 percent in the fourth quarter from 59.9 percent the previous year. On a year-over-year basis, net NPA fell to 0.43 percent from 0.79 percent.
In the third quarter of 2023, its standalone operating profit increased by 43% to Rs 3,850 crore. At the end of December, advances had climbed by more than 23% to Rs 3,10,734 crore. It has Rs 400 crore in Covid-related provisions.
According to Business Today, Kotak Mahindra Bank’s earnings might reach Rs 2,500 crore. Emkay Global forecasted NII of Rs 5,140 crore for the quarter.
Sharekhan expects Kotak Mahindra Bank to announce a 22.7 percent YoY increase in net profit for the December quarter, to Rs 2,614 crore, compared to Rs 2,131 crore in the year-ago quarter.
Elara forecasted a profit of Rs 2,711 crore year on year. NII may reach Rs 5,463 crore. Provisions are increasing sequentially but decreasing year on year. Elara predicted that NIM would rise to 4.9% from 4.7% in September and 4.2% in the previous quarter.