Kotak Mahindra Bank on Saturday reported a consolidated net profit of Rs 2,755 crore for the April-June quarter of 2022-23, a growth of 53 per cent over the same period last year. In the year-ago period, the bank had posted a net profit of Rs 1,806 crore.On a standalone basis, the private sector lender reported a net profit of Rs 2,071 crore in Q1FY23, up 26 per cent year-on-year from Rs 1,642 crore in the corresponding quarter of the previous year.
The bank’s gross non-performing assets during the quarter were 2.24 per cent, down from 3.56 per cent in the year-ago period.
Net interest income rose to Rs 4,697 crore, up 19 per cent from Rs 3,942 crore, on a near-record net interest margin of 4.92 per cent. The higher profitability is despite the bank booking a loss of over Rs 800 crore from treasury operations. CFO Jaimin Bhatt refused to detail how much G-secs the bank holds in excess of the regulatory requirement of 18 per cent.