Kotak Mahindra Bank Q1 Results

Net Profit Jumps 26%, NII jumps 19.2%

On July 23, private sector lender Kotak Mahindra Bank announced a net profit of Rs 2,071.1 crore.

Kotak Mahindra Bank Q1 Results: Kotak Mahindra Bank's Net Interest Income (NII) grew by 19% to Rs 4,697 crore in Q1FY23 from Rs 3,942 crore in Q1FY22.

Results for Kotak Mahindra Bank: The private lender posted a net profit of Rs.2,071.10 billion in Q1FY23, up from Rs.1,641.90 billion in Q1FY22.

As of June 30, 2022, customer assets, which include advances and credit substitutes, increased by 29% year over year to Rs 303,629 crore from Rs 2,35,340 crore at June 30, 2021. (Rs 292,481 crore as at March 31, 2022).

From Rs 217,447 crore at June 30, 2021, advances grew by 29% to Rs 280,171 crore at June 30, 2022. (Rs 2,71,254 crore as on March 31, 2022).

Due to a significant decrease in provisioning during the April to June 2022 quarter, Kotak Mahindra Bank recorded a significant increase in net profit year over year.

The private lender posted a net profit of Rs.2,071.10 crore for the first quarter of FY23, up about 26.10% from the net profit of Rs.1,641.90 crore it reported for the first quarter of FY22.

In the most recent quarter that concluded in June 2022, Kotak Mahindra Bank's net interest income (NII) increased by almost 19.20 percent, going from Rs.3,941.70 crore in Q1FY22 to Rs.4,697 crore in the April to June 2022 period.

Compared to the first quarter of the fiscal year 2022–22, Kotak Mahindra Bank's total revenue was Rs.12,571.61 crore in 2022–23.

However, from Rs.1,737 crore in Q4FY22 to Rs.1,749 crore in the most recent quarter of the current fiscal, its Net NPA increased by over 0.70 percent.

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