Kotak Mahindra Bank Q2 Results: Net profit jumps 24% to Rs 3,191 crore, asset quality stays healthy

Kotak Mahindra Bank

Private sector lender Kotak Mahindra Bank on October 21 reported a net profit of Rs 3,191 crore for the July-September FY24 quarter, which marks a 23.66 percent jump as compared to Rs 2,581 crore clocked in the year-ago period.

The net profit, at Rs 3,191 crore beat the market estimates of Rs 3092 crore.

The net interest income (NII) of Rs 6,297 crore, increased by 23.49 percent from Rs 5,099 crore reported in the corresponding quarter of the previous fiscal.

The NII also came slightly higher than the market estimate of Rs 6,226 crore.

The bank's gross non-performing asset (NPA) stood at 1. 72 percent, down from 2.08 percent recorded in the same quarter last year. On the other hand, net NPA for the quarter stood at 0.37 percent, improving from 0.55 percent on a year-on-year basis.

The lender's advances increased by 21 percent YoY to Rs 3.57 lakh crore from Rs 2.96 lakh crore last year. Unsecured retail advances which also includes retail micro finance, stood at 11.0 percent vs 8.7 percent last year.

The current deposits grew to Rs 58,351 crore compared to Rs 53,971 crore up by 8 percent. Average savings deposits stood at Rs 1.21 lakh crore vs Rs 1.22 lakh crore last year.

Shares of Kotak Mahindra Bank closed at Rs 1770 a piece on October 21, up by 1.81 percent.