Kotak Mahindra Bank posts 27pc growth in profit during September quarter | Biden News


23. Oct. 2022 13:29 IST

Mumbai (Maharashtra) [India]October 23 (ANI): Kotak Mahindra Bank posted a 27 percent rise in its profit after tax to Rs 2,581 crore for the quarter ended September 30, against Rs 2,071 crore in the corresponding period in the previous year.
The Mumbai-headquartered Bank late on Saturday said its net interest income (NII) increased to Rs 5,099 crore, from Rs 4,021 crore in the year-ago period, an increase of 27 percent. Net interest margin (NIM) was 5.17 percent for Q2FY23.
The Bank also said its operating profit for the second quarter was Rs 3,567 crore against Rs 3,120 crore in the year-ago period.

The Bank also said that its number of customers reached 36.6 million against 28.5 million in the year-ago period.
Advances increased over 25 percent to Rs 2,94,023 crore during the quarter under review, against Rs 2,34,947 crore in the year-ago period. The current savings account (CASA) ratio on September 30, 2022, was 56.2 percent.
During the period under review, gross non-performing assets (GNPA) was 2.08 percent. Credit cost on advances for the second quarter was 26 basis points (bps). The Bank also said its interim coverage ratio stood at 73.7 percent. (ANI)


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