Kotak Mahindra Bank Q1 Result: 26 percent jump in profit of ₹ 2,071 crore, improvement in NPA

New Delhi. Kotak Mahindra Bank announced the financial results of the quarter released on Saturday. There has been a profit of 26.10 percent in the net profit of the bank. The bank has made a profit of Rs 2,071.10 crore in the April-June quarter of the financial year 2022-23. Due to this, the bank had a net profit of Rs 1,641 crore in the same quarter of the previous financial year.

The bank’s net interest income (NII) also increased by 19.20 per cent to Rs 4,697 crore in the last quarter as against Rs 3,941.70 crore in the same quarter last fiscal. The gross NPAs of the bank have improved on a quarterly basis.

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Improvement in the NPA of the bank
The non-performing assets of the bank declined by 1.40 per cent on a quarterly basis. It has come down to Rs 6,379 crore from Rs 6,470 crore in the last quarter of the last financial year. However, the net NPA of the bank has increased by 0.70 per cent on an annual basis. It was Rs 1,737 crore in the April-June quarter of the last financial year, which was Rs 1,749 crore in the first quarter of this year. The total income of the bank has decreased as compared to the same quarter of the previous financial year.

bank income
Kotak Mahindra Bank received an income of Rs 11,658.94 crore in the first quarter of the financial year 2022-23 as against Rs 12,571.61 crore in the same quarter of the previous financial year. The reason for the increase in profits despite the decrease in income is due to the restraint on expenses by the bank. The bank restricted operating expenses to Rs 4,960.01 crore for the quarter under review as against Rs 6,342.83 crore in the corresponding quarter of the previous fiscal.

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bank network
Kotak Mahindra Bank has 3.45 crore customers. Before this, the bank had 2.68 crore customers in the same quarter of the previous financial year. The bank has a total of 1702 branches and 2,761 ATMs across the country. 45 percent of the bank’s branches are in big cities while 21 percent branches are in urban areas. At the same time, another 34 percent of the branches are in small towns and rural areas.

ICICI and Yes Bank also released quarterly results
ICICI Bank’s net profit grew by 49.59% to Rs 6,904.94 crore in the April-June quarter as against Rs 4,616.02 crore in the corresponding quarter of the previous financial year. At the same time, Yes Bank’s profit grew 50.17% year-on-year to Rs 310.63 crore as against Rs 206.84 crore in the corresponding quarter of last fiscal.

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