Kotak Mahindra Bank Q2 net profit falls 7%

Kotak Mahindra Bank Q2 net profit falls 7%

Kotak Mahindra Bank share price rose in the early trade on October 27 even after the private sector lender reported a standalone net profit of Rs 2,032 crore for the July-September period, down 7% on a year-on-year basis.
It’s standalone net interest income (NII) – the difference between interest earned and interest expended – rose 3.2% on year to Rs 4,020.6 crore.
Gross NPAs came down to 3.2% in the September quarter, from 3.6% in the three months to June. Net NPAs declined to 1.1% from 1.3% sequentially.

Kotak Mahindra Bank’s net interest margin — a key measure of a bank’s profitability — came in at 4.45% in the July-September period, as against 4.6% in the previous quarter.
The bank’s operating profit was at Rs 3,120 crore in Q2, as against Rs 3,262 crore in the year-ago period.
Its current and savings account (CASA) stood at 60.6% as of September 30, 2021, as against 57.1% as of September 30, 2020.
Loan growth was at 15% on a year-on-year basis. Sequentially, it was at 8%.

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