Kotak Mahindra Bank Q2 Results: Net Profit Up 5% YoY To Rs 3,344 Cr; NII Surged 11%

During today's board meeting in Mumbai, the Kotak Mahindra Bank Board of Directors announced the unaudited standalone and consolidated results for the quarter and half-year ended September 30, 2024.

Kotak Mahindra Bank Standalone Q2 Results

In Q2FY25, the bank's net profit was Rs 3,344 crore, a 5% YoY rise compared to Rs 3,191 crore in Q2FY24. In Q2FY25, net interest income (NII) climbed 11% YoY to Rs 7,020 crore from Rs 6,297 crore in Q2FY24. For Q2FY25, Net Interest Margin (NIM) was 4.91%. The bank reported an 11% YoY rise in operating profit for Q2FY25, from Rs 4,610 crore to Rs 5,099 crore in Q2FY24.

The average total deposits at Kotak Mahindra Bank climbed by 16% YoY to Rs 446,110 crore in Q2FY25 from Rs 385,950 crore in Q2FY24. In Q2FY25, average current deposits jumped to Rs 61,853 crore, up 6% YoY from Rs 58,351 crore in Q2FY24. In Q2FY25, average savings deposits increased by 2% YoY to Rs 124,823 crore from Rs 121,967 crore in Q2FY24. In Q2FY25, the average amount of term deposits increased to Rs 259,434 crore, up 26% YoY from Rs 205,632 crore in Q2FY24.

The CASA ratio was 43.6% as of September 30, 2024 (it was 43.4% as of June 30, 2024). GNPA was 1.49% and NNPA was 0.43% as of September 30, 2024 (GNPA was 1.72% and NNPA was 0.37% as of September 30, 2023). In Q2FY25, the bank's annualised standalone return on assets (ROA) was 2.17%, down from 2.45% in Q2FY24. As of September 30, 2024, the bank had 5.2 cr customers, up from Rs 4.6 cr in the same period in 2023.

Kotak Mahindra Bank Consolidated Q2 Results

Consolidated PAT for the bank in Q2FY25 was Rs 5,044 crore, up 13% YoY from Q2FY24's Rs 4,461 crore. Return on Assets (ROA) at the consolidated level was 2.53% (2.68% for Q2FY24) in Q2FY25, according to annualised data. The annualised return on equity (ROE) for Q2FY25 was 13.88%, compared to 14.99% for Q2FY24.

As of September 30, 2024, the bank has total assets under management of Rs 680,838 crore, up 37% YoY from Rs 498,342 crore in the year-ago quarter. The domestic MF Equity AUM of Kotak Asset Management, the fifth-largest AMC, climbed by 60% YoY to Rs 319,161 crore as of September 30, 2024.

In order to acquire Standard Chartered Bank, India's Personal Loan book-which as of September 30, 2024, had around Rs 4,100 crore in outstanding loans-Kotak Mahindra Bank Limited recently entered into an official agreement with the bank on October 18, 2024, it is anticipated that the aforementioned transaction will be finalised over the next three months, contingent on regulatory and other clearances as well as the fulfilment or waiver of normal closing conditions.