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