Kotak Mahindra Bank on July 20 reported a net profit of Rs 6,250 crore in the April-June quarter of fiscal year 2025, 81 percent higher than Rs 3,452 crore in the corresponding quarter last year. The lender's net profit saw a boost of Rs 3012 crore in its profit after tax due to the bank's stake sale in its insurance subsidiary Kotak General Insurance to Zurich Insurance Group.
An average estimate of 8 brokerages had expected a net profit of Rs 3,702 crore.
Keeping the insurance stake aside, the net profit for the group stood at Rs 4,435 crore, the bank said in its investor presentation.
The net interest income of the lender was Rs 6,842 crore, 10 percent up from Rs 6,234 crore last year. The brokerage estimates had expected an NII of Rs 7,087 crore.
The net Interest Margin (NIM) was at 5.02 percent for Q1FY25.
The lender’s gross non-performing assets (GNPA) stood at 1.39 percent in Q1FY25 versus 1.77 percent last year. NNPA stood at 0.35 percent versus 0.44 percent last year.
Advances of the bank grew 20 percent YoY to Rs 4.05 lakh crore compared to Rs 3.37 lakh crore on June 30, 2023. Unsecured retail advances of the bank (including retail microcredit) as a percent of net advances stood at 11.6 percent till Q1FY25.
The lender's total deposits grew to Rs 4.35 lakh crore for Q1FY25 by 21 percent compared to Rs 3.61 lakh crore last year. Current account and savings account deposits (CASA) of the bank grew 3 percent YoY and stood at Rs 1.94 lakh crore. On a sequential basis, CASA deposits saw a 5 percent drop.
The shares of the bank closed for trading at Rs 1,821.75 on July 19, 0.07 percent down on BSE.
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