Kotak Mahindra Bank Ltd. for the second quarter ended September 30, 2024 reported 5% year-on-year growth in net profit at ₹3,344 crore.

Net Interest Income (NII) increased to ₹7,020 crore, up 11% Y-o-Y. Net Interest Margin (NIM) was 4.91% for the quarter.

Gross non-performing assets (NPA) has decreased to ₹6,033 crore as on the end of the quarter from ₹6,087 crore a year ago.

However net NPA has gone up to ₹1,724 crore from ₹1,275 crore in the year ago period. Provisions during the quarter increased to ₹660 crore from ₹367 crore a year ago. Customer Assets, which comprised advances and credit substitutes increased by 18% Y-o-Y to ₹ 450,064 crore.

Advances increased 17% Y-o-Y to ₹4,19,108 crore. Unsecured retail advances (incl. retail microcredit) as a of net advances stood at 11.3% as at September 30, 2024.

Average total deposits grew to ₹4,46,110 crore, up 16% Y-o-Y. Capital Adequacy Ratio of the bank, as per Basel III, as at September 30, 2024 was 22.6% and CET1 ratio of 21.5% (including unaudited profits).

The bank’s consolidated net profit grew 13% to ₹5,044 crore as compared with ₹ 4,461 crore in the year ago period.

At the consolidated level, Return on Assets (ROA) for Q2FY25 (annualized) was 2.53% compared with 2.68% for the same period last year. Return on Equity (ROE) for Q2FY25 (annualized) was 13.88% as compared with 14.99% for the same period last year.

Consolidated Capital Adequacy Ratio as per Basel III as at September 30, 2024 was 22.6% and CET I ratio was 21.7% (including unaudited profits), the bank said in a filing . 

Consolidated Networth as at September 30, 2024 was ₹1,47,214 crore (including increase in reserves due to RBI’s Master Direction on Bank’s investment valuation of ₹4,777 crore and gain on KGI divestment of ₹2,730 crore). 

Consolidated customer assets which comprises advances and credit substitutes grew to ₹5,10,598 crore as at September 30, 2024 from ₹4,28,404 crore as at September 30, 2023, up 19% Year-on-Year (Y-o-Y).

Total Assets Under Management as at September 30, 2024 were ₹6,80,838 crore up 37% YoY.

Kotak Asset Management, the 5th largest AMC saw its Domestic MF Equity AUM increase by 60% YoY to ₹ 319,161 crore as at September 30, 2024.