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Kotak Mahindra Bank Results: The consolidated net profit of private sector Kotak Mahindra Bank increased by 10.22 percent to Rs 4,701 crore in the October-December quarter of the current financial year. The bank’s profit has increased due to the good performance of its capital market related units. The net profit of the bank was Rs 4,265 crore in the same quarter of the last financial year and Rs 5,044 crore in the July-September 2024 quarter.
The bank’s net profit on standalone basis in the quarter under review was Rs 3,304 crore, which was Rs 3,005 crore in the same quarter of the last financial year and Rs 3,343 crore in the July-September quarter.
The bank’s Chief Executive Officer (CEO) and Managing Director (MD) Ashok Vaswani on Saturday said the bank has made significant progress on the technology front, thereby addressing the concerns that led to the Reserve Bank of India (RBI) Business restrictions were imposed last April. However, Vaswani also said that the bank is in regular touch with the Central Bank, but there is no information regarding when the restrictions imposed on it will be removed.
The combined profit of capital markets arm Kotak Securities and Kotak Mahindra Capital increased by 59 per cent to Rs 542 crore. As a result, the share of major bank business in total profit came down to 72 percent. The total income of the bank increased to Rs 16,050 crore in the quarter under review, which was Rs 14,096 crore in the same quarter of the last financial year.
The company’s expenses stood at Rs 10,869 crore in the December quarter, which was Rs 9,530 crore in the same quarter of the last financial year. The company’s gross non-performing assets (NPA) ratio increased to 1.50 percent from 1.49 percent three months ago.
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