Kotak Mahindra Bank Q1 Results: PAT Jumps 67% To Rs 3,452 Crore, NII Up 33%

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Kotak Mahindra Bank Q1 Results: Its net interest income during April-June 2023 increases 33 per cent to Rs 6,234 crore, compared with Rs 4,697 crore in the year-ago period

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Kotak Mahindra Bank on Saturday, July 22, reported a 67 per cent jump in its standalone profit after tax to Rs 3,452 crore for the first quarter ended June 2023 (Q1FY24). Its net interest income (NII) during April-June 2023 increased 33 per cent to Rs 6,234 crore, compared with Rs 4,697 crore in the year-ago period.

The private sector lender’s net profit had stood at Rs 2,071 crore in Q1FY23.

Kotak Mahindra Bank’s operating profit during the June 2023 quarter stood at Rs 4,950 crore, up 78 per cent YoY as compared with Rs 2,783 crore a year ago, according to a regulatory filing.

Showing improvement in the asset quality, the bank’s GNPA during Q1FY24 declined to 1.77 per cent and NNPA was 0.40 per cent (GNPA was 2.24 per cent and NNPA was 0.62 per cent at June 30, 2022). The provision coverage ratio stood at 78.0 per cent.

The lender’s capital adequacy ratio, as at June 30, 2023, was 22 per cent and the common equity tier-1 (CET-1) ratio of 20.9 per cent (including unaudited profits).

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Kotak Mahindra Bank’s CASA ratio as at June 30, 2023, stood at 49 per cent. CASA stands for current account, saving account.

“Average current deposits grew to Rs 59,431 crore for Q1FY24 compared to Rs 55,081 crore for Q1FY23 up 8 per cent. Average savings deposits stood at Rs 1,19,817 crore as at June 30, 2023, (Rs 1,21,521 crore as at June 30, 2022). Average term deposit up 40 per cent from Rs 1,30,035 crore for Q1FY23 to Rs 1,82,047 crore for Q1FY24,” Kotak Mahindra Bank said.

The bank’s customers as at June 30, 2023, stood at 43.5 million as against 34.5 million as at June 30, 2022.

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Advances (including IBPC & BRDS) increased 19 per cent YoY to Rs 3,37,031 crore as at June 30, 2023, from Rs 2,82,665 crore as at June 30, 2022. Customer assets, which comprise advances (including IBPC & BRDS) and credit substitutes, increased by 18 per cent YoY to Rs 3,62,204 crore as at June 30, 2023, from Rs 3,06,123 crore as at June 30, 2022.