Kotak Mahindra Bank Q2 net profit rises 24% to Rs 3,191 cr

New Delhi: Kotak Mahindra Bank on Saturday reported a 24 per cent rise in its standalone net profit to Rs 3,191 crore for the quarter ended September 30, mainly on the back of improvement in the core income and lower bad loans.

The private sector lender had posted a net profit of Rs 2,581 crore in the same quarter of the previous fiscal year.

Its total income during the July-September period grew to Rs 13,507 crore against Rs 9,925 crore in the year-ago quarter, Kotak Mahindra Bank said in a regulatory filing.

The net interest income increased 23 per cent to Rs 6,297 crore from Rs 5,099 crore a year ago.

Its net interest margin for the quarter rose to 5.22 per cent against 5.17 per cent in the corresponding period of the previous financial year.

On the assets quality front, the bank also witnessed an improvement, with gross non-performing assets (or bad loans) declining to 1.72 per cent of gross advances at the end of September 2023 compared to 2.08 per cent a year ago.

Similarly, the net NPAs dropped to 0.37 per cent from 0.55 per cent in the same quarter a year ago.

The bank's capital adequacy ratio stood at 21.7 per cent as of September 30, 2023.

On a consolidated basis, the bank reported a 24 per cent rise in its net profit to Rs 4,461 crore in the September quarter compared to Rs 3,608 crore in the same period of the previous fiscal.

Its total income on a consolidated basis increased to Rs 21,560 crore against Rs 17,435 crore in the year-ago quarter.