Kotak Mahindra Bank reported a net profit of Rs 2,032 crore in the September quarterKotak Mahindra Bank revealed its July-September results for the financial year 2021-22, reporting a net profit of Rs 2,032 crore on a standalone basis, compared to Rs 2,184 crore in the corresponding duration, registering a decrease of 7 percent year-on-year.
The Mumbai-headquartered financial services company's net revenue increased 24 per cent on a consecutive basis, compared to Rs 1,641.92 crore in the preceding April-June quarter, according to a stock exchange filing today.Kotak Mahindra Bank's net interest income (NII) for the 2nd quarter of the existing fiscal increased to Rs 4,021 crore, from Rs 3,897 crore in the same quarter last year, marking a development of three per cent year-on-year.
The net interest margin for the September quarter stood at 4.45 percent, according to the statement.The private lending institution's net non-performing assets (NPA) or bad loans in the September quarter stood at Rs 2,897 crore, compared to Rs 1,636.82 crore in the year-ago duration.
The net NPA improved to 1.06 per cent, compared to 1.28 percent on a consecutive basis.The gross non-performing possessions (GNPA) throughout the 2nd quarter stood at 3.19 percent, compared to 3.56 percent in the preceding April-June quarter, however, was greater than 2.70 per cent in the year-ago quarter.The bank's current account deposits grew by 32 per cent to Rs 53,280 crore in the September quarter, compared to Rs 40,454 crore in the year-ago period.
Cost savings deposits grew by 13 per cent to Rs 1,23,479 crore in the quarter-under evaluation, compared to Rs 1,08,990 crore in the year-ago period.On Tuesday, October 26, shares of Kotak Mahindra Bank settled 2.48 percent greater at Rs 2,210.55 apiece on the BSE.
Shares of Kotak Mahindra rallied today ahead of the announcement of quarterly outcomes to touch a 52-week high of Rs 2,238.50 on the BSE.