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Kotak Mahindra Bank Revises Interest Rate On Home Loans: Details Inside
Kotak Mahindra Bank, a private sector lender, has fixed a new home loan interest rate of 6.55 percent per annum. According to the bank, this new interest rate will be in effect from November 9 until December 10. Kotak Mahindra Bank unveiled home loan rates beginning at 6.50 percent in September as part of its festive season initiatives and today, November 8, is the last day to take advantage of this exclusive deal, as the bank had claimed in September that "Our rates are among the lowest home loan interest rates offered in India."
Individuals who get a home loan sanction letter from Kotak Mahindra Bank Limited by November 8, 2021, will get the lower rate of 6.50 percent p.a. if the loan is granted by November 15, 2021. The new home loan interest rates of Kotak Mahindra Bank, which start at 6.55 percent, will enter into force tomorrow. These rates will apply to both new and existing home loans, as well as balance transfers and will be applicable on loan amounts.
Net Interest Income (NII) of Kotak Mahindra Bank climbed by 3% to Rs 4,021 crore in Q2FY22, compared to Rs 3,897 crore in Q2FY21. For Q2FY22, the Net Interest Margin (NIM) was 4.45%. The bank's Net Total Income for Q2FY22 was Rs 5,833 crore, which increased 9% from Rs 5,330 crore in Q2FY21, while its operating profit for Q2FY22 was Rs 3,120 crore, down from Rs 3,262 crore in Q2FY21.
The bank's PAT for Q2FY22 increased to Rs 2,032 crore, up 24% from Rs 1,642 crore for Q1FY22 (Rs 2,184 crore for Q2FY21). The bank's CAR as per Basel III, as of Sep 30, 2021 is 21.8% & Tier I ratio is 20.8%. According to the Q2FY22 results of the bank customer assets, which includes Advances and Credit substitutes, increased by 17% to Rs 256,353 crore as of September 30, 2021 from Rs 218,790 crore as of September 30, 2020 (Rs 235,358 crore as of June 30, 2021).
Advances increased by 15% to Rs 234,965 crore as at September 30, 2021 from Rs 204,845 crore as at September 30, 2020 (Rs 217,465 crore as at June 30, 2021). The consolidated PAT for Q2FY22 was Rs 2,989 crore, up 65% from Rs 1,806 crore for Q1FY22 (Rs 2,947 crore for Q2FY21). For Q2FY22, the Kotak Mahindra Bank's contribution to the consolidated PAT was Rs 2,032 crore and the subsidiaries & associates' net contribution was 32% of the consolidated PAT.
