For the quarter ended April-June of fiscal year 2025, Kotak Mahindra Bank reported an 81% rise in net profit to Rs 6,250 crore, from Rs 3,452 crore in the same quarter last year. This was helped by a Rs 3,012 crore gain on account of the sale of its stake in Kotak General Insurance to Zurich Insurance Group.
This apart, while NII of Rs 6,842 crore grew by an impressive 10% over last year, it fell short of the Rs 7,087 crore projected by brokerages. The net interest margin (NIM) for Q1FY25 stood at 5.02%.
Gross non-performing assets (GNPA) improved to 1.39% from 1.77% last year, while net non-performing assets (NNPA) decreased to 0.35% from 0.44% over the same period. In just a year’s time, the bank’s advances went up by 20% to the level of Rs 4.05 lakh crore, and total deposits increased by 21% to touch Rs 4.35 lakh crore. However, the current and savings account deposits (CASA) grew only 3% y-o-y to Rs 1.94 lakh crore and saw a 5% sequential drop.
Shares of Kotak Mahindra Bank closed at Rs 1,821.75 on BSE, falling by 0.07% on July 19.
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Source: Moneycontrol
News Desk
