Kotak Mahindra Bank, one of the leading banks in the country, has seen an increase in its profit in the June quarter. The bank’s profit has increased from Rs 2,071 crore to Rs 3,452 crore in this quarter. An increase of 66.6% has been recorded in profits on an annual basis. The main reason for this has been the sharp increase in core income and non-fund income.
In Bloomberg’s analyst poll, the bank was projected to earn a profit of Rs 3,219.5 crore. There has also been an increase in the interest income (NII) of the bank. Interest income has increased from Rs 4,697 crore to Rs 6,234 crore in this quarter. Other income has also more than doubled on an annual basis. It has become Rs 2,683 crore as against Rs 1,116 crore.
In the results of the first quarter of the new financial year, provision has been increased from Rs 23 crore to Rs 364 crore. (YoY)
Kotak Mahindra Bank Q1 (FY24) Results
- Profit up from Rs 2,071 cr to Rs 3,452 cr (YoY)
- Interest Income (NII) increased from Rs 4,697 crore to Rs 6,234 crore (YoY)
- Gross NPAs declined from 1.78% to 1.77% (QoQ)
- Net NPAs increased from 0.37% to 0.40% (QoQ)
In the first quarter, the bank’s consolidated profit increased from Rs 2,755 crore to Rs 4,150 crore on an annual basis. An increase of 50.6% was registered in this.
Total advances saw a growth of 19%. It increased from Rs 2.82 lakh crore to Rs 3.37 lakh crore. During this, a boom was also seen in bank deposits. These increased by 22% to reach Rs 3.86 lakh crore. The bank’s corporate loan book saw a growth of 9% YoY.
On the first Friday of the results, the stock of Kotak Mahindra Bank closed at 1970.20 with a gain of 0.68% on the NSE.