Kotak Mahindra Bank’s Q3 Net Profit Soars 24% to Rs 3,191 crore
Kotak Mahindra Bank, one of India’s leading private sector lenders, has reported impressive financial results for the third quarter. The bank’s net profit soared by 24% to reach Rs 3,191 crore, signaling robust growth and highlighting the bank’s strong financial performance.
Total income from operations for the quarter increased by 36% on a year-on-year basis, reaching Rs 13,507.40 crore. This growth has been driven by the bank’s net interest income, which grew by 23.5% to Rs 6,297 crore. Moreover, fees and services also witnessed a remarkable increase of 24% to reach Rs 2,026 crore.
Kotak Mahindra Bank’s balance sheet metrics demonstrate the bank’s resilience and solid growth. Advances as of September end stood at Rs 3.57 lakh crore, representing a year-on-year growth of 21%. Customer Assets, comprising advances and credit substitutes, also witnessed an 18% increase reaching Rs 3.80 lakh crore.
The bank’s strong retail portfolio is another positive highlight in its financials. Unsecured retail advances as a percentage of net advances rose from 8.7% to 11.0% compared to the same period last year. This indicates the bank’s successful focus on expanding its retail lending operations.
Kotak Mahindra Bank’s current account savings account (CASA) ratio as of September end stood at 48.3%, reflecting the steady growth in its banking deposits. Average current deposits for the quarter increased to Rs 58,351 crore, while average savings deposits reached Rs 1.22 lakh crore. The bank’s average term deposit also witnessed a significant 47% YoY increase, reaching Rs 1.39 lakh crore.
The bank’s capital adequacy ratio as of September 30 was 21.7%, with a CET-I ratio of 20.6%, thereby ensuring a strong capital base to support the bank’s growth initiatives.
At the consolidated level, Kotak Mahindra Bank’s net profit for the quarter rose by 24% to Rs 4,461 crore. This solid performance demonstrates the bank’s ability to deliver strong financial results across its diverse business lines.
Looking ahead, Kotak Mahindra Bank is well-positioned to continue its growth trajectory. The total assets managed/advised by the Group as of September 30 stood at Rs 4.98 lakh crore, representing a 28% increase from the previous year. The bank’s alternative assets’ assets under management also witnessed an impressive 61% year-on-year growth, reaching Rs 44,456 crore.
Following the release of the financial results, shares of Kotak Mahindra Bank surged nearly 2% higher on the National Stock Exchange, reaching Rs 1,769.60. This increase reflects market confidence in the bank’s strong performance and future prospects.
Overall, Kotak Mahindra Bank’s Q3 results demonstrate its resilience, strong financial performance, and continued growth. The bank’s focus on retail lending, steady deposit growth, and diversified business lines position it well for sustained success in India’s competitive banking industry.
