Kotak Mahindra Bank Q2 Results FY2023, Net Profit at Rs. 2581 crores

Kotak Mahindra Bank Q2 Results FY2023

Corporate Action
by Shreya Anaokar Last Updated: 2022-10-31T17:39:20+05:30

On 22nd October 2022, Kotak Mahindra Bank announced its second quarter results for the period ending 30th September 2022. 

Q2FY23 Performance updates:

- Net Interest Income (NII) for Q2FY23 increased to Rs. 5,099 crores, from Rs. 4,021 crores in Q2FY22, up 27%. Net Interest Margin (NIM) was 5.17% for Q2FY23.
- Operating profit for Q2FY23 was Rs. 3,567 crore 
- The Bank’s PAT for Q2FY23 stood at Rs. 2,581 crores, up 27% from Rs. 2,032 crores in Q2FY22

Business Highlights:

- Customer Assets, which include Advances and Credit substitutes, increased by 25% to Rs. 3,21,324 crore.
- Advances increased by over 25% to Rs. 2,94,023 crore
- Fees and services for Q2FY23 were Rs. 1,760 crores, up 24% YoY.
- Customers were 36.6 mn by Q2FY23.
- CASA ratio as of September 30, 2022, stood at 56.2%
- Average Current deposits grew to Rs. 53,971 crores for Q2FY23 compared to Rs. 50,485 crores for Q2FY22 up 7%. 
- Average Fixed Rate Savings deposits were Rs. 113,408 crores for Q2FY23 compared to Rs. 110,707 crores for Q2FY22 up 2%. 
- Average Term deposit up 20% from Rs. 116,819 crores for Q2FY22 to Rs. 139,871 crores for Q2FY23.
- As of September 30, 2022, COVID-related provisions stood at Rs. 438 crores. In accordance with the COVID Resolution Framework announced by RBI, the Bank has standard restructured fund-based outstanding of Rs. 354 crores (0.12% of Advances). Under the MSME Resolution Framework, the Bank has standard restructured fund-based outstanding of Rs. 640 crores (0.22% of Advances) as of September 30, 2022.
- As at September 30, 2022, GNPA was 2.08% & NNPA was 0.55%. Credit cost on advances for Q2FY23 was 26 bps.
- The provision coverage ratio stood at 73.7%.
- Capital adequacy ratio of the Bank, as per Basel III, was 22.6%, and CET I ratio of 21.5%


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About the Author

Shreya Anaokar is a Content Writer at 5paisa. She has completed her Master’s in Finance and Graduation in Statistics from the University of Mumbai. 

Disclaimer

Investment/Trading is subject to market risk, past performance doesn’t guarantee future performance. The risk of trading/investment loss in securities markets can be substantial. Also, the above report is compiled from data available on public platforms.

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