Kotak Mahindra Bank (KMB) reported a 24% year-on-year (YoY) increase in standalone net profit to Rs. 3,191 crore for the July-September FY24 quarter, on the back of healthy growth in net interest income and other income.
Details:
- Net interest income (NII), or the core income, rose 23.5% YoY to ₹6,297 crore.
- Net interest margin (NIM) stood at 5.22% in the September quarter.
- Other income rose 18.4% YoY to ₹2,314 crore.
- Advances grew 21% YoY to ₹2,87,451 crore.
- Deposits rose 23% YoY to ₹4,00,963 crore.
- CASA ratio declined to 48.3% of total deposits from 56.20% a year ago.
- Gross non-performing asset (GNPA) ratio improved to 1.78% from 2.08% a year ago.
- Net NPA ratio improved to 0.37% from 0.55% a year ago.
- Capital adequacy ratio (CAR) stood at 21.7%, with CET1 ratio at 20.6%.
Key takeaways:
- KMB’s Q2 FY24 results were strong, with healthy growth in NII, other income, and advances.
- The bank’s asset quality also improved, with GNPA and NNPA ratios declining YoY.
- KMB’s CAR ratio is also healthy and above the regulatory requirement.
Overall, KMB’s Q2 FY24 results were positive and reflect the bank’s strong fundamentals.
