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Kotak Bank Sees Strong Q4 Growth
4 Jul
Summary
- Net advances grew 15% year-on-year to Rs 4.94 lakh crore.
- Total deposits increased by 13.6% to Rs 5.58 lakh crore.
- Standalone net profit rose 13% to Rs 4,027 crore.
In the March-June quarter, Kotak Mahindra Bank's net advances surged 15% year-on-year, reaching Rs 4.94 lakh crore. This marks a sequential increase of 2.7% from the prior quarter.
Total deposits for the bank grew by 13.6% compared to the same period last year, amounting to Rs 5.58 lakh crore. Sequentially, deposits rose by 3.38%.
The bank's current account and savings account (CASA) deposits also showed a healthy 13% year-on-year increase, totaling Rs 2.17 lakh crore.
For the March quarter, Kotak Mahindra Bank reported a 13% rise in standalone net profit, reaching Rs 4,027 crore from Rs 3,552 crore a year earlier. This performance surpassed market expectations.
Net interest income, a key measure of the bank's core earnings, increased by 8% to Rs 7,875 crore. Operating profit grew by 7% to Rs 5,855 crore.
Improvements were noted in asset quality, with the gross non-performing assets ratio at 1.20% and the net non-performing assets ratio at 0.25%, both below market estimates.
