Kotak Mahindra Bank’s Profit Rises 67% YoY To Rs 3,452 Cr In Q1, Beats Estimates

Kotak Mahindra Bank reported a 67 per cent year-on-year (YoY) increase in standalone net profit to Rs 3,452 crore on Saturday. In the previous fiscal year's corresponding quarter, the profit number was Rs 2,071 crore.

Net interest income (NII) for the quarter was Rs 6,234 crore, up 33 per cent year on year, and broadly in line with ET NOW poll projections of Rs 6,200 crore.

According to the corporate filing, fees and services climbed 20 per cent yearly to Rs 1,827 crore in Q1FY24 from Rs 1,528 crore in Q1FY23.

Advances climbed by 19 per cent year on year to Rs 337,031 crore in the June quarter, up from Rs 282,665 crore in the previous fiscal year's equivalent quarter. Unsecured retail advances, including retail microfinance, were 10.7 per cent of net advances at the end of June, up from 7.9 per cent the previous year.

The operating profit for Q1FY24 increased 78 per cent year on year to Rs 4,950 crore, with 43.5 million customers at the conclusion of the quarter ended on 30 June 2023. As of 30 June 2022, it stood at 34.5 million.