Kotak Mahindra Bank Q2 profit rises 5% to Rs 3,344 cr

 Kotak Mahindra Bank on Tuesday posted a marginal 5 per cent increase in its standalone profit to Rs 3,344 crore in the second quarter ended in September 2024.

The private sector lender had recorded a net profit of Rs 3,191 crore in the same quarter a year ago.

Total income increased to Rs 15,900 crore during the quarter under review from Rs 13,507 crore in the same period last year, Kotak Mahindra Bank said in a regulatory filing.

The bank earned interest income of Rs 13,216 crore during the quarter compared to Rs 11,193 crore in the same period a year ago.

Net Interest Income (NII) improved to Rs 7,020 crore, from Rs 6,297 crore in the second quarter of the previous year, registering an 11 per cent growth. However, Net Interest Margin (NIM) moderated to 4.91 per cent from 5.22 per cent at the end of the second quarter of the last financial year.

The bank was able to reduce gross Non-Performing Assets (NPAs) to 1.49 per cent of the gross loans by the end of September 2024 from 1.72 per cent a year ago.

However net NPAs or bad loans rose to 0.43 per cent from 0.37 per cent at the end of the second quarter of the previous fiscal.

On a consolidated basis, the bank logged a growth of 13 per cent in net profit to Rs 5,044 crore as against Rs 4,461 crore in Q2FY24.

At the consolidated level, Return on Assets (ROA) for Q2FY25 was 2.53 per cent as compared to 2.68 per cent for Q2FY24, it said.