Kotak Mahindra Bank (Photo: Bloomberg)
Kotak Mahindra Bank on Saturday reported a consolidated net profit of Rs 7,448 crore for the first quarter of FY25 (Q1 FY25), a growth of 79 per cent over the same period last year.
The bank had posted a consolidated net profit of Rs 4,150 crore in Q1 FY24.
The consolidated PAT (profit after tax) for the recently concluded quarter includes gains from divestment of 70 per cent stake in Kotak General Insurance Company to Zurich Insurance Group.
Bank in a statement said on a standalone basis, the private sector lender reported a net profit of Rs 6,250 crore in Q1 FY25, up from Rs 3,452 crore in Q1 FY24.
Its net interest income (NII), the difference between interest earned and interest expended, grew by 10 per cent to Rs 6,842 crore in Q1 FY25 as against Rs 6,234 crore for Q1 FY24. The Net Interest Margin (NIM) moderated to 5.02 per cent for Q1 FY25 from 5.57 per cent a year ago, according to the analyst presentation filed with stock exchange (BSE).
Fees and services income expanded by 23 per cent Year-on-Year (Y-o-Y) to Rs 2,240 crore in Q1 FY25 from Rs 1,827 crore in Q1 FY24, the bank said in a statement filed with the exchange.
The bank’s advances increased by over 20 per cent Y-o-Y to Rs 4.05 trillion as of June 30, 2024. Home loans and loan against properties (LAP) pool expanded by 17 per cent Y-o-Y to Rs 1.10 trillion. The credit card book grew by 29 per cent Y-o-Y to Rs 14,644 crore at the end of June 2024. The corporate loans grew 21 per cent Y-o-Y to Rs 93,581 crore.
The deposits grew by 21 per cent Y-o-Y to Rs 4.35 trillion at the end of June 2024. The share of low-cost deposits – Current Account and Savings Account (CASA)- declined sharply to 43.4 per cent at the end of June 2024 from 49 per cent a year ago.
The asset quality profile of the bank improved with gross non-performing assets (NPA) declining to 1.39 per cent in June 2024 from 1.77 per cent in June 2023. The net NPAs also declined to 0.35 per cent in June 2024 from 0.40 per cent a year ago.
The capital adequacy ratio stood at 22.4 per cent with Common Equity Tier I of 21.3 per cent at the end of June 2024.
(Disclosure: Entities controlled by the Kotak family have a significant holding in Business Standard Pvt )
First Published: Jul 20 2024 | 3:10 PM IST
