Kotak Mahindra Bank Q1FY23 Results: Private sector lender Kotak Mahindra Bank on Saturday reported robust first-quarter earnings in the financial year 2022-23 (Q1FY23). The bank’s both top and bottom lines grew in double-digit on a year-on-year basis, while the asset quality improved during the quarter.

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Kotak Mahindra Bank’s PAT (profit after tax) for Q1FY23 stood at Rs 2,071 crore, up 26 per cent from Rs 1,642 crore in Q1FY22, while its Net Interest Income (NII) for Q1FY23 increased to Rs 4,697 crore, from Rs 3,942 crore in Q1FY22, up 19 per cent YoY, the bank said in its exchange filing.

The Net Interest Margin (NIM) came at 4.92 per cent for Q1FY23, the regulatory filing also showed.

The bank’s gross NPA (non-performing assets) came at 2.24 per cent versus 2.34 per cent quarter-on-quarter (QoQ) and net NPA stood at 0.62 per cent against 0.64 per cent QoQ.

Similarly, credit cost on advances for Q1FY23 was 16 basis points (bps) (annualised) and the provision coverage ratio stood at 72.6 per cent during Q1.

Key Highlights of Q1FY23 Earnings

Fees and services for Q1FY23 came at Rs 1,656 crore, up 42% YoY.

The operating profit for Q1FY23 was Rs 2,783 crore against Rs 2,890 crore in Q1FY22.

Customers as of June 30, 2022, were 34.5 mn as compared to 26.8 mn as of June 30, 2021.

Customer Assets, which include Advances and Credit substitutes, increased by 29 per cent to Rs 303,629 crore as of June 30, 2022, from Rs 2,35,340 crore as at June 30, 2021, and Rs 292,481 crore as of March 31, 2022.

Advances increased by 29 per cent to Rs 280,171 crore as of June 30, 2022, from Rs 217,447 crore as of June 30, 2021, and Rs 2,71,254 crore as at March 31, 2022.

CASA ratio as of June 30, 2022, stood at 58.1 per cent.

Average Current deposits grew to Rs 55,081 crore for Q1FY23 compared to Rs 46,341 crore for Q1FY22 up 19 per cent.