Kotak Mahindra Bank Q2FY23 Results: Private lender Kotak Mahindra Bank on Saturday reported robust earnings for the second quarter of the financial year 2022-23 (Q2FY23), with both profit and net interest income (NII) growing double-digit, along with improving asset quality during the quarter.

COMMERCIAL BREAK
SCROLL TO CONTINUE READING

Kotak Mahindra Bank’s profit after tax (PAT) grew by 27 per cent year-on-year (YoY) to Rs 2,581 crore in the July-September quarter of FY23 against Rs 2032 crore in the same quarter a year ago.

While the banking major’s NII also grew nearly 27 per cent YoY to Rs 5099 crore in Q2FY23 as compared to Rs 4021 crore in the July-September quarter of the previous fiscal.

Image Source: Kotak Mahindra Bank Exchange Filing

The bank’s asset quality improved during the quarter as the gross non-performing assets (NPA) dipped to 2.08 per cent in Q2FY23 as compared to 2.24 per cent quarter-on-quarter, similarly, its net NPA to fell marginally to 0.55 per cent to 0.62 per cent sequentially during the quarter.

The net interest margin of the bank as of September 30, 2022, came at 5.17 per cent as against 4.45 per cent in Q2FY22, Kotak Mahindra Bank said in its results filing.

CASA (Current Account and Savings Account) ratio as of September 30, 2022, stood at 56.2 per cent, the bank also said in the release.

Shares of Kotak Bank on Friday concluded over 2 per cent higher to Rs 1902.9 per share on the BSE as compared to a 0.18 per cent rise in the S&P BSE Sensex at the close.

Kotak Mahindra Group (the Group) offers a wide range of financial services that encompass every sphere of life.

From commercial banking to stock broking, mutual funds, life/general insurance, and investment banking, the Group caters to the diverse financial needs of individuals and the corporate sector.