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News Details

( As on 20/07/2024 21:50)

Kotak Mahindra Bank Q1 net profit jumps 81.03% at Rs 6249.82 cr

The bank reported standalone net profit of Rs 6,249.82 crore for the quarter ended June 30, 2024 as compared to Rs 3452.30 crore in the same period last year, registering a year-on-yearÿgrowthÿof 81.03 per cent.

Interest income of the bank rose by 21.39 per cent at Rs 12746.11 crore for the quarter ended June 30, 2024 as against Rs 10500.00 crore in the corresponding period last year.

During the April-June quarter, total income rose moderately by 18.90 per cent to Rs 15,675.15 crore from Rs 13,183.26 crore in the year ago period.

Meanwhile, operating expenses increased by 26.57 per cent to Rs 10,421.04 crore from Rs 8,233.69 crore in the same period last year.

Operating profit surged 6.15 per cent to Rs 5,254.11 crore from Rs. 4,949.57 crore.

Provisions and Contingencies surged by 58.79 per cent at Rs 578.48 crore from Rs 364.31 crore a year ago.

NII, the difference between interest earned on loans and interest paid on deposits, increased by 9.76 per cent at Rs 6,842.35 crore versus Rs 6,233.69 crore in the year ago period. Non-interest income rose 9.16 per cent year-on-year to Rs 2,929.04 crore.

On the asset side, gross non- performing assets (NPAs)ÿfellÿto 1.39 per cent of the gross advances as at the end of June 30, 2024 from a level of 1.77 per cent year earlier. Its net NPAs or bad loans tooÿincreasedÿto 1.05 per cent of net advances on June 30, 2024 from 0.40 per cent a year ago.