Kotak Mahindra Bank Q2 Results: Kotak Mahindra Bank on Saturday reported a 4.8 per cent year-on-year rise in its standalone profit after tax (PAT) to Rs 3,344 crore for the second quarter ended September 2024. Its net interest income (NII) during July-September 2024 increased 11 per cent to Rs 7,020 crore, against Rs 6,297 crore in the year-ago period.
Its net profit had stood at Rs 3,191 crore in the corresponding quarter last year, according to a regulatory filing.
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.
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 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, Kotak Mahindra Bank’s PAT jumped 13 per cent to Rs 5,044 crore as compared with Rs 4,461 crore. The consolidated results include earnings from Kotak Mahindra Bank, Kotak Securities, Kotak Mahindra Life Insurance, Kotak Mahindra Prime, and other subsidiaries.
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