- Kotak Mahindra Bank reported a net profit of INR 3,191 crore for the second quarter of the financial year 2024, representing a 23.6% increase from the same period in the previous year. The net profit is in line with estimates.
- The bank’s net interest income (NII), the difference between interest earned and interest paid, for the quarter reached INR 6,296.6 crore. This reflects a 23.5% gain compared to the same quarter in the previous fiscal year when NII was INR 5,099 crore.
- Kotak Mahindra Bank’s net interest margin (NIM) for the quarter was reported at 5.22%, a slight increase from the NIM of 5.17% in the year-ago period. NIM represents the difference between the interest earned from loans and the interest paid.
- The bank’s Gross Non-Performing Assets (GNPA) ratio stood at 1.72% of gross advances as of September 2023. The Net NPA ratio was reported at 0.37% for the same period. These figures indicate that the bank has maintained control over its asset quality.
- Kotak Mahindra Bank has delivered a robust performance in terms of profit and net interest income growth, along with stable asset quality in Q2 FY24.