Mumbai, Oct 21 : Private lender Kotak Mahindra Bank on Saturday reported 24% year-on-year rise in standalone net profit at Rs 3,191 crore for the July-September quarter (Q2) of the current financial year 2023-24.
The bank had posted profit after tax (PAT) of Rs 2,581 crore in the September quarter of the previous financial year.
The bank’s Net Interest Income (NII) for Q2FY24 increased to Rs 6,297 crore, from Rs 5,099 crore in Q2FY23, up 23% YoY.
Net Interest Margin (NIM) during the quarter under review was 5.22%.
“Average current deposits grew to Rs 58,351 crore for Q2FY24 compared to Rs 53,971 crore for Q2FY23 up 8%. Average savings deposits stood at Rs 121,967 crore as at September 30, 2023 (Rs 122,595 crore as at September 30, 2022),” Kotak Mahindra Bank said in a media statement.
As at September 30, 2023, the gross non-performing asset (GNPA) of the bank stood at 1.72%, down from 2.08% recorded in the same quarter of the last financial year.
The bank’s advances increased 21% YoY to Rs 3.57 lakh crore in the July-September quarter of the current fiscal from Rs 2.96 lakh crore in the same period of FY23.
Consolidated PAT of the bank for Q2FY24 was Rs 4,461 crore, up 24% YoY from Rs 3,608 crore in Q2FY23.
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