UPDATE: Net Profit Declines 7% To Rs 2,032 Crore In July-September Quarter,

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Kotak Mahindra Bank reported a net profit of Rs 2,032 crore in the September quarter

Kotak Mahindra Bank announced 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 period, registering a decline of seven per cent year-on-year. The Mumbai-headquartered financial services company’s net profit rose 24 per cent on a sequential 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 second quarter of the current fiscal increased to Rs 4,021 crore, from Rs 3,897 crore in the same quarter last year, marking a growth of three per cent year-on-year. The net interest margin for the September quarter stood at 4.45 per cent, according to the statement.

The private lender’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 period. The net NPA improved to 1.06 per cent, compared to 1.28 per cent on a sequential basis.

The gross non-performing assets (GNPA) during the second quarter stood at 3.19 per cent, compared to 3.56 per cent in the preceding April-June quarter, but, was higher 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. Savings deposits grew by 13 per cent to Rs 1,23,479 crore in the quarter-under review, compared to Rs 1,08,990 crore in the year-ago period.

On Tuesday, October 26, shares of Kotak Mahindra Bank settled 2.48 per cent higher at Rs 2,210.55 apiece on the BSE. Shares of Kotak Mahindra rallied today ahead of the announcement of quarterly results to touch a 52-week high of Rs 2,238.50 on the BSE.

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