Kotak Mahindra Bank has announced its financial results for the July-September 2024 quarter, showing a 4.8% rise in profit compared to the same period last year. The bank’s profit after tax (PAT) reached ₹3,344 crore, up from ₹3,191 crore in Q2 of the previous year.
The bank also reported a 11% increase in net interest income (NII), totaling ₹7,020 crore, compared to ₹6,297 crore last year. However, the net interest margin (NIM) has decreased to 4.91%, down from 5.22% a year ago.
Asset Quality and Key Ratios
As of September 2024, the gross non-performing assets (GNPA) ratio improved to 1.49%, compared to 1.72% a year earlier. The net NPA stands at 0.43%, slightly higher than 0.37% last year.
The bank’s capital adequacy ratio is a strong 22.6% according to Basel III standards, with a CET1 ratio of 21.5%. The annualized return on assets (RoA) decreased to 2.17% from 2.45% last year.
Growth in Deposits and Advances
Kotak Mahindra Bank’s total deposits grew by 16%, reaching ₹4,46,110 crore, while loans increased by 17% to ₹4,19,108 crore. The current account and savings account (CASA) ratio also improved slightly, now at 43.6%, up from 43.4% in the previous quarter.
Consolidated Performance
On a consolidated basis, the bank’s PAT climbed 13% year-on-year to ₹5,044 crore. The assets under management (AUM) surged 37% to ₹6,80,838 crore, up from ₹4,98,342 crore in Q2 of last year.
In related news, Kotak Securities reported a PAT of ₹324 crore, down from ₹400 crore last year, with its market share decreasing to 11.6% from 12.2%. However, Kotak Mahindra AMC saw its PAT rise to ₹197 crore from ₹124 crore, benefiting from a 37% increase in AUM.
Kotak Mahindra Bank shares ended the trading day 0.32% higher, closing at ₹1,869.80 on the BSE.
