Kotak Mahindra Bank Q1 Profit Up 2% to Rs 3,520 cr - Business News
Jul 20, 2024 16:03
Kotak Mahindra Bank reported a 2% rise in net profit to Rs 3,520 crore for the first quarter ended June 2024. Read more about the bank's financial performance.
New Delhi, Jul 20 (PTI) Kotak Mahindra Bank on Saturday reported a 2 per cent rise in net profit to Rs 3,520 crore on standalone basis for the first quarter ended June 2024.
The private sector lender had posted a net profit of Rs 3,452 crore in the same quarter of the previous fiscal year.
Total income during the period grew to Rs 15,675 crore as against Rs 13,183 crore in the year-ago quarter, Kotak Mahindra Bank said in a regulatory filing.
Interest income increased to Rs 12,746 crore from Rs 10,500 crore in Q1 FY24.
On the asset quality front, the bank's gross non-performing assets (or bad loans) remained flat at 1.39 per cent of gross advances.
Similarly, Net NPAs dropped to 0.35 per cent from 0.40 per cent in the same quarter a year ago.
Capital Adequacy Ratio of the bank stood at 22.41 per cent at the end of June 30, 2024, against 21.12 per cent at the end of the same quarter a year ago.
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