Kotak Mahindra Q2 results: Net profit falls 7% YoY to Rs 2,032 cr, NII up 3%

Kotak Mahindra Bank on Tuesday reported a 24 per cent quarter-on-quarter (QoQ) rise in net profit at Rs 2,032 crore for the July-September quarter. However, it was 7 per cent lower than Rs 2,184 crore profit recorded during the corresponding quarter of last year.

Net interest income (NII) rose 2 per cent QoQ to Rs 4,021 crore during the quarter under review. On a year-on-year (YoY) basis, it was 3 per cent higher than Rs 3,897 crore in the same quarter of last year.

The bank's net interest margin stood (NIM) at 4.45 per cent during the quarter under review. Customer assets, including advances and credit substitutes, increased 17 per cent to Rs 2,56,353 crore at the end of the quarter from Rs 2,18,790 crore as on September 30, 2020.

Advances rose 15 per cent YoY to Rs 2,34,965 crore. The bank's CASA ratio was at 60.6 per cent as of September 30, 2021 as against 57.1 per cent a year ago.

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In terms of asset quality, gross non-performing assets (NPA) ratio stood at 3.19 per cent, while net NPA ratio was at 1.06 per cent. In absolute terms, gross NPA stood at Rs 7,658 crore, while net NPA stood at Rs 2,491 crore. Kotak Mahindra Bank's total provisions stood at Rs 7,637 crore, 100 per cent of its gross NPA. The provision coverage ratio stood at 67 per cent at the end of the quarter.

On a consolidated basis, net profit rose 65 per cent QoQ to Rs 2,989 crore, while on a YoY basis, the profit was 1.4 per cent higher than Rs 2,947 crore recorded in September quarter last year. Shares of Kotak Mahindra Bank were trading 0.74 per cent higher at Rs 2,173.05 on the BSE during the afternoon trade.

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