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Kotak Mahindra Bank’s Q2 Net Profit Rises 51%; Asset Quality Declines
On Tuesday, Kotak Mahindra Bank reported a 51 percent surge in its net profit to Rs 1,724 crore for the second quarter of 2019-20 from Rs 1,142 in the corresponding period of the previous year.
Its net interest income (NII) for the September-ended quarter was at Rs 3,350 crore, 25 percent higher than a year ago while net interest margin widened YoY from 4.19 percent to 4.61 percent.
The private lender's gross non-performing assets (NPAs) increased to 2.32 percent of the total advances for the July-September period from 2.19 percent in the previous quarter and 2.15 percent a year ago.
The bank's provision at the end of September stood at Rs 407 crore as against Rs 353.80 crore a year ago and Rs 316.76 crore in the previous quarter.
Kotak Mahindra Bank's average savings deposits were up by 20 percent to Rs 80,425 crore from Rs 66,892 crore a year ago. Its average current account deposits grew by 22 percent on a year-on-year basis to Rs 33,216 crore from Rs 27,231 crore.
As of 30 September, the bank has 1,512 full-fledged branches and 2,429 ATMs. During the quarter, the bank launched its first overseas branch at the Dubai International Financial Centre (DIFC), Dubai, UAE.
Shares of Kotak Mahindra Bank were trading higher by 0.71 percent at Rs 1,629 on NSE.
