Kotak Mahindra Bank has reported a 50.62 percent year-on-year rise in its consolidated profit at Rs 4,150.19 crore in the first quarter of the current financial year. On a standalone basis, net profit rose 66.7 percent on-year to Rs 3,452.30 crore. In the year-ago quarter, the private sector bank reported a standalone net profit of Rs 3,495.59 crore.
On the asset quality front, the bank saw an improvement in the June, with gross non-performing assets (NPAs) declining to 1.75 percent from 2.27 percent in the year-ago period. Net NPA fell to 0.43 percent against 0.41 percent in the previous quarter and 0.69 percent in a year-ago period. In absolute terms, gross NPAs were at Rs 5,909 crore as on June 30 against Rs 6,379 crore in the year-ago period. In the previous quarter, gross NPAs were around Rs 5,768 crore. Net NPAs were at Rs 1,302 crore against Rs 1,749 crore in the year-ago period.
Recoveries and upgrades stood at Rs 692 crore. The provision coverage ratio of the bank was at 78 percent, sharply higher from the year-ago period. Net interest income (NII) increased to Rs 6,234 crore, up 33 percent on-year. The net interest margin (NIM) was 5.57 percent for Q1FY24.
Average current deposits grew 8 percent to Rs 59,431 crore from Rs 55,081 crore in Q1FY23. But there was a drop in average savings deposits at Rs 1.2 lakh crore from Rs 1.22 lakh crore in the year-ago period. Average term deposits were up 40 percent from Rs 1.30 lakh crore in the year-ago period to Rs 1.82 lakh crore for Q1FY24. CASA ratio stood at 49.0 percent. Advances increased 19 percent on-year to Rs 3.37 lakh crore from Rs 2.83 lakh crore in the same quarter of the previous fiscal, the bank said.
