Kotak Mahindra Bank has reported a standalone net profit of Rs 3,191 crore for Q2FY24, marking a robust 24% increase from the year-ago period. The bank’s net interest income (NII) rose to Rs 6,297 crore, reflecting a 23% YoY growth, with a net interest margin (NIM) of 5.22% for the quarter. Kotak’s gross non-performing asset (NPA) decreased to 1.72%, compared to 2.08% in the same quarter last year. Advances surged by 21% YoY to Rs 3.57 lakh crore, and current deposits grew by 8% YoY to Rs 58,351 crore. On a consolidated basis, Kotak’s PAT for Q2FY24 reached Rs 4,461 crore, indicating a 24% YoY increase. Total assets managed/advised by the Group as of September 30, 2023, were Rs 4,98,342 crore, up 28% YoY.
Kotak Mahindra Bank Records 24% YoY Jump in Q2 Net Profit, Advances Surge 21%
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