Kotak Mahindra Bank Posts Modest Q1 Profit Growth

Kotak Mahindra Bank reported a 2 per cent rise in net profit, reaching Rs 3,520 crore for Q1 2024, compared to Rs 3,452 crore in the previous fiscal. Total income grew to Rs 15,675 crore and interest income rose to Rs 12,746 crore. Asset quality remained stable.

Kotak Mahindra Bank on Saturday reported a modest 2 per cent rise in net profit, amounting to Rs 3,520 crore on a standalone basis for the first quarter ending June 2024.

The private sector lender had achieved a net profit of Rs 3,452 crore in the same quarter of the previous fiscal year. The total income during this period increased to Rs 15,675 crore compared to Rs 13,183 crore in the year-ago quarter, according to a regulatory filing by Kotak Mahindra Bank.

The interest income saw a notable rise to Rs 12,746 crore from Rs 10,500 crore in Q1 FY24. On the asset quality front, the bank's gross non-performing assets (NPAs) remained constant at 1.39 per cent of gross advances. Net NPAs also improved, dropping to 0.35 per cent from 0.40 per cent in the same quarter a year ago. Additionally, the Capital Adequacy Ratio of the bank stood at 22.41 per cent at the end of June 30, 2024, compared to 21.12 per cent a year ago.

(With inputs from agencies.)