Kotak Bank’s net profit increased by 25 percent to Rs 5,302 crore in March quarter.

New Delhi . The net profit of private sector Kotak Mahindra Bank has increased by 25 percent to Rs 5,302 crore in the March quarter of the last financial year. The bank’s net profit on standalone basis has increased by 18 percent to Rs 4,133 crore in the March quarter of the last financial year. The consolidated net profit for the entire last financial year has increased by 22 percent to Rs 18,213 crore. The company’s basic net interest income increased by 13 percent to Rs 6,909 crore in the March quarter. This also contributed to 20 percent increase in loans and decline in net interest margin to 5.28 percent.

Devang Gheewala, group chief financial officer of the bank, said that the total NIM last financial year had peaked at 5.78 per cent, which has come down this year. In the last financial year, the total deposits of the bank have increased by 23 percent but the loan to deposit ratio has decreased to 83 percent. Gheewala said that the bank is aiming to increase the loan deposit ratio to 87-88 percent. The net profit of the company in the same quarter of the financial year 2022-23 was Rs 3,496 crore. The company said on Saturday that its total income in the March quarter has increased to Rs 15,285 crore, which was Rs 12,007 crore in the same quarter last year.

The company’s net profit for the entire last financial year has increased by 26 percent to Rs 13,782 crore, which was Rs 10,939 crore in the financial year 2022-23. The total income of the company increased to Rs 56,072 crore in the last financial year, which was Rs 41,334 crore in the financial year 2022-23. The company’s net interest income (NII) for the last financial year increased by 21 percent to Rs 25,993 crore, which was Rs 21,552 crore in the financial year 2022-23. The board of directors of the company has recommended a dividend of Rs 2 per equity share of face value Rs 5 for the last financial year. At the end of the last financial year, the bank’s gross non-performing assets (NPAs) were 1.39 percent and net NPAs were 0.34 percent.

Disclaimer: CricketInFocus has not edited this news. This news has been published from PTI-language feed.



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