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Kotak Mahindra Bank Q3 earnings: Profit grows 31% to Rs 2,792 crore

allinonetrendz by allinonetrendz
November 19, 2023
in Business, Daily Trending News, latest news, Lifestyle, News, Today Trending, Trending News
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Kotak Mahindra Bank Q3 earnings: Profit grows 31% to Rs 2,792 crore
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Private lender Kotak Mahindra Bank‘s profit grew by 31 per cent year-on-year (YoY) to Rs 2,792 crore in the October-December quarter of 2022-23. The Net investment income (NII) was up over 30 per cent Y-o-Y to Rs 5653 crore in the Q3 of FY23. The bank reported that its asset quality improved with as its gross NPA declined sharply. However, provisions increased during the quarter.

Kotak Mahindra Bank

The bank, in an exchange filing, stated that its net interest margin (NIM) rose to 5.47 per cent in the October-December quarter as compared to 4.62 per cent in the same quarter of the year-ago period.

Its CASA ratio reduced to 53.3 per cent in the last quarter from 59.9 per cent in the year-ago period. The net NPA also reduced to 0.43 per cent vs 0.79 per cent on a YoY basis.

Its standalone operating profit rose 43 per cent to Rs 3,850 crore in Q3 2023. Advances increased by over 23 per cent to Rs 3,10,734 crore at December-end. Its Covid-related provisions stood at Rs 400 crore.

On Friday, Business Today reported that Kotak Mahindra Bank’s profit could touch Rs 2,500 crore. Emkay Global predicted that NII for the quarter could touch Rs 5,140 crore.

Sharekhan expected Kotak Mahindra Bank to report 22.7 per cent YoY rise in net profit at Rs 2,614 crore for the December quarter compared with Rs 2,131 crore in the year-ago quarter.

While Elara predicted that the profit could touch Rs 2,711 crore YoY. NII could touch Rs 5,463 crore. Provisions are seen rising sequentially but falling on YoY basis. NIM, Elara said, could improve to 4.9 per cent from 4.7 per cent in September and 4.2 per cent in the year-ago quarter.

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