Kotak Mahindra Bank posts 17 pc growth in profit after tax to Rs 3,995 crore in third quarter

ANI
21 Jan 2023, 15:33 GMT+10

Mumbai (Maharashtra) [India], January 21 (ANI) Kotak Mahindra Bank on Saturday posted a 17.43 per cent increase in its profit after tax to Rs 3,995 crore for the quarter ended December 2022, against Rs 3,402 crore in the corresponding period the previous year.The Bank's total income went up 30.43 per cent to Rs 18,481.46 crore in the reviewed quarter, against Rs 14,169.14 in the year-ago period.

The Bank's operating expenses rose 25.33 per cent to Rs 5,371.32 crore in the reviewed quarter (October-December) from Rs 4,285.57 crore in the corresponding period during the previous year.

The bank's gross net performing assets (NPA) was Rs 6,730 crore, against 7,993.34, which is a decline of 15 per cent while net NPA was Rs 1667.71, against Rs 2,496.75 crore, a drop of 33.18 per cent.

The Bank posted an increase of 27 per cent growth in its profit after tax to Rs 2,581 crore for the quarter ended September 30, against Rs 2,071 crore in the corresponding period in the previous year.

During the second quarter, the Bank's operating profit was Rs 3,567 crore against 3,120 crore in the year-ago period. Its advances increased over 25 per cent to Rs 2,94,023 crore during the second quarter, against Rs 2,34,947 crore in the year-ago period. Current account savings account (CASA) ratio as on September 30, 2022, stood at 56.2 per cent.

During the quarter ended September, gross non-performing assets (GNPA) was 2.08 per cent. Credit cost on advances for the second quarter was 26 basis points (bps). The Bank also said its provision coverage ratio stood at 73.7 per cent.

Recently at a CII event, Kotak Mahindra Bank MD and CEO Uday Kotak said, "The Indian economy today, with a size of about USD 3.2 trillion and the fifth largest in the world, presents significant potential and opportunities to move up the ladder to be top among three in the world. Its realisation would depend essentially on four metrics -- our economic performance in terms of absolute GDP, absolute per capita income instead of the PPP comparison, getting better on the two profit and loss accounts namely current account and fiscal management." (ANI)