BUSINESS

In the June quarter, Kotak Bank’s net income rose 67% to Rs 3,452 billion

Kotak Mahindra Bank, the fourth-largest private sector lender, recorded a staggering 67 per cent year-over-year increase in standalone net income at Rs 3,452 crore for the June quarter on Saturday.

The institution with headquarters in the city said that the earnings, which comprises net profits from its brokerage/i-banking, ARC, wealth management, and insurance activities, increased by 51% to Rs 4,150 crore on a consolidated basis.


The main source of net interest income climbed by 33% to Rs 6,234 crore, driven by a 5.57 percentage point rise in net interest margin for the reporting quarter as a result of the bank passing down to its clients the whole 250 basis point central bank rate increase without proportionally repricing the deposits.

Revenue from fees and services increased 20% to Rs 1,827 crore, and the Casa ratio was 49%.

Customer assets, which include advances and credit substitutes, grew 18% to Rs 3,62,204 crore from Rs 3,06,123 crore in June 2022, while advances increased by 19% to Rs 3,37,031 crore.

Unsecured retail loans, which include retail microfinance, increased from 7.9% to 10.7% of total advances.

Gross NPAs decreased from 2.24 to 1.77 percent. The bank’s net non-performing assets (NPAs) decreased from 0.62 percent to 0.40 percent, while the provision coverage ratio was at 78 percent.

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