Business

Kotak Mahindra Bank Q2 profit gallops 51 pc to Rs 1,724 crore

ANI | October 22, 2019 03:38 PM
The private sector lender has a network of 1,512 branches and 2,429 ATMs

Mumbai (Maharashtra) [India], Oct 22 (ANI): Kotak Mahindra Bank said on Tuesday its profit after tax totalled Rs 1,724 crore during the second quarter of the current financial year, up 51 per cent from Rs 1,142 crore in Q2 FY19.

Net interest income for Q2 FY20 increased to Rs 3,350 crore from Rs 2,676 crore in Q2 FY19, up by 25 per cent while net interest margin improved to 4.61 per cent from 4.19 per cent.

However, asset quality weakened in September quarter with gross non-performing assets (as a percentage of gross advances) rising 13 basis points sequentially to 2.32 per cent and net NPA climbing 12 basis points quarter-on-quarter to 0.85 per cent in Q2.

CASA (current account savings account) ratio as on September 30 stood at 53.6 per cent compared to 50.2 per cent as on September 30 last year.

Average savings deposits grew by 20 per cent to Rs 80,425 crore compared to Rs 66,892 crore for Q2 as average current account deposits grew by 22 per cent to Rs 33,216 crore for Q2 FY20 compared to Rs 27,231 crore for Q2 FY19.

Advances as on September 30 were up 15 per cent to Rs 2.13 lakh crore (Rs 1.84 lakh crore as on September 30, 2018). Capital adequacy ratio of the bank as per Basel III norms is 18.2 per cent and tier I ratio is 17.6 per cent. (ANI)

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