Davos-2022
Davos-2022
Davos-2022
Davos-2022
This article is more than 7 month old.

Kotak Mahindra Bank Q2 Results: Profit down 7% at Rs 2,032 crore but beats Street estimates

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Kotak Mahindra Bank reported a seven percent year-on-year decline in standalone net profit for the July-September period. The private sector lender's net profit, however, exceeded Street estimates.

Kotak Mahindra Bank Q2 Results: Profit down 7% at Rs 2,032 crore but beats Street estimates
Kotak Mahindra Bank on Tuesday reported a standalone net profit of Rs 2,032 crore for the July-September period, down seven percent on a year-on-year basis. The private sector lender's standalone net interest income (NII) - the difference between interest earned and interest expended - rose 3.2 percent on year to Rs 4,020.6 crore.
Analysts in a CNBC-TV18 poll had predicted the bank's net profit at Rs 1,792.2 crore and NII at Rs 4,008.1 crore.
Gross NPAs came down to 3.2 percent in the September quarter, from 3.6 percent in the three months to June. Net NPAs declined to 1.1 percent from 1.3 percent sequentially.
Kotak Mahindra Bank's net interest margin -- a key measure of a bank's profitability -- came in at 4.45 percent in the July-September period, as against 4.6 percent in the previous quarter.
The bank's operating profit was at Rs 3,120 crore in Q2, as against Rs 3,262 crore in the year-ago period.
Its current and savings account (CASA) stood at 60.6 percent as of September 30, 2021, as against 57.1 percent as of September 30, 2020.
Loan growth was at 15 percent on a year-on-year basis. Sequentially, it was at eight percent.
Kotak Mahindra Bank shares recovered initial losses after the earnings announcement. The Kotak Bank stock was up 2.7 percent at Rs 2,214.6 apiece on BSE, having declined as much as 1.6 percent earlier in the day. The headline Sensex index was flat amid choppy trade.
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