New Delhi: Kotak Mahindra Bank has recorded a significant increase in its report. financial performance For the first quarter of FY 2025, profit after tax (PAT) reached Rs 6,250 crore, up 81 per cent from Rs 3,452 crore in Q1 FY24.
Kotak Bank's profit increased due to the sale of stake in Kotak General Insurance to Zurich Insurance Group.
Excluding gain (tax-free) of Rs 2,730 crore on divestment of its stake in Kotak General Insurance, the bank's profit after tax during the quarter stood at Rs 3,520 crore.
net interest income NII net profit rose to Rs 6,842 crore in the first quarter of the current fiscal, up 10 per cent from Rs 6,234 crore in the same period last year.
Net interest margin (NIM) for the quarter was recorded at 5.02 per cent. Fees and services income for the quarter grew 23 per cent year-on-year to Rs 2,240 crore as against Rs 1,827 crore in Q1FY24.
operating profit The bank's net profit also rose to Rs 5,254 crore in the first quarter, up 6 per cent from Rs 4,950 crore last year. customer base This number will also increase to 5.1 crores by June 30, 2024, whereas it was 4.3 crores a year ago.
The bank also said that customer assets, which include advances and loan options, also grew by 20 per cent to Rs 435,827 crore over the last year, from Rs 362,204 crore in the same period last year.
The percentage of unsecured retail advances, including retail microcredit, stood at 11.6 per cent of net advances as of June 30, 2024.
The bank's average total deposits during the quarter grew by 21 per cent to Rs 435,603 crore as compared to Rs 361,295 crore in the same quarter last year.
The bank also reported that the average current deposit grew by 5 per cent over the previous year to Rs 62,200 crore, and the average savings deposit grew by 2 per cent over the previous year to Rs 122,105 crore.
The bank's asset quality has improved, with gross non-performing asset (GNPA) ratio at 1.39 per cent and net non-performing asset (NNPA) ratio at 0.35 per cent as of June 30, 2024, compared to 1.77 per cent and 0.40 per cent, respectively, a year ago.
Overall, Kotak Mahindra Bank has demonstrated strong financial health and growth, driven by growth in interest and services income as well as significant growth in customer assets and deposits.
Kotak Bank's profit increased due to the sale of stake in Kotak General Insurance to Zurich Insurance Group.
Excluding gain (tax-free) of Rs 2,730 crore on divestment of its stake in Kotak General Insurance, the bank's profit after tax during the quarter stood at Rs 3,520 crore.
net interest income NII net profit rose to Rs 6,842 crore in the first quarter of the current fiscal, up 10 per cent from Rs 6,234 crore in the same period last year.
Net interest margin (NIM) for the quarter was recorded at 5.02 per cent. Fees and services income for the quarter grew 23 per cent year-on-year to Rs 2,240 crore as against Rs 1,827 crore in Q1FY24.
operating profit The bank's net profit also rose to Rs 5,254 crore in the first quarter, up 6 per cent from Rs 4,950 crore last year. customer base This number will also increase to 5.1 crores by June 30, 2024, whereas it was 4.3 crores a year ago.
The bank also said that customer assets, which include advances and loan options, also grew by 20 per cent to Rs 435,827 crore over the last year, from Rs 362,204 crore in the same period last year.
The percentage of unsecured retail advances, including retail microcredit, stood at 11.6 per cent of net advances as of June 30, 2024.
The bank's average total deposits during the quarter grew by 21 per cent to Rs 435,603 crore as compared to Rs 361,295 crore in the same quarter last year.
The bank also reported that the average current deposit grew by 5 per cent over the previous year to Rs 62,200 crore, and the average savings deposit grew by 2 per cent over the previous year to Rs 122,105 crore.
The bank's asset quality has improved, with gross non-performing asset (GNPA) ratio at 1.39 per cent and net non-performing asset (NNPA) ratio at 0.35 per cent as of June 30, 2024, compared to 1.77 per cent and 0.40 per cent, respectively, a year ago.
Overall, Kotak Mahindra Bank has demonstrated strong financial health and growth, driven by growth in interest and services income as well as significant growth in customer assets and deposits.