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Private sector bank Kotak Mahindra Bank in its Q1 results has reported a 26% YoY jump in profit. The profit for the quarter ending in June 2022 came in at Rs 2,071 crores against Rs 1,643 crores reported in the corresponding quarter last year.
The net Interest Income of the bank grew 19% to Rs 4,697 crores. Fees and services income registered a growth of 38% as the figure for the quarter was Rs 1,656 crores. However, other income declined as the bank had an expense of Rs 412 crores. Therefore, the Net Total income of the bank was Rs 5,941 crores, up 12.2% YoY.
Bandhan Bank Q1 results are live, read now.
Gross NPAs and Net NPAs of the bank improved to 2.24% and 0.62% respectively. Provisions declined sharply as provisions for advances and receivables declined 88%. The bank also reversed covid-related provisions of Rs 65 crores during the quarter.
The net Interest Margin of the bank stood at 4.92% at the end of the quarter. The bank's CASA ratio improved to 58.1%. Its advances grew 29% to Rs 2.8 lakh crores while deposits improved 10.4% to Rs 3.2 lakh crores.
Loan growth was driven by unsecured personal loans, credit cards, consumer durable loans, and business loans. Credit cards grew 77% YoY and showed the highest sequential growth of 22% among loan categories. Personal loans, business loans, and consumer durables showed a 77% YoY 15% QoQ growth.
The stock of the bank surged 1.47% to close at Rs 1,827.10 per share on Friday. Today, the stock opened at Rs 1816.00 per share.
Article by Aman Agarwal.
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