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News Topical, Digital Desk : Private sector giant Kotak Mahindra Bank has released its September quarter results. The bank's results were in line with estimates, although profits declined slightly. On a year-over-year basis, profits declined by approximately 3%. Net interest income increased by more than 4% during this period. The bank's asset quality improved on a quarter-over-quarter basis, and provisions declined, although they increased compared to the previous year. The bank's net interest margin also declined slightly. The results were released on Saturday. The stock closed down approximately 2% on Friday.
The bank's standalone net profit for the quarter was
₹3,253.3 crore, a 2.7% decrease from ₹3,344 crore in the same quarter last year. According to a CNBC-TV18 survey, analysts had expected ₹3,272 crore, meaning the bank's figure was roughly in line with expectations. Net interest income (NII) increased 4.2% to ₹7,311 crore, compared to ₹7,020 crore last year. This figure was close to the market estimate of ₹7,294 crore. The bank's NPAs improved. Net NPAs came in at 0.32%, down from 0.34% in the previous quarter. Gross NPAs stood at 1.39%, compared to 1.48% in the previous quarter. Net NPAs in value terms declined from Rs 1,531 crore to Rs 1,491 crore on a quarter-on-quarter basis, and gross NPAs declined from Rs 6,638 crore to Rs 6,480 crore. Provisioning also declined on a quarter-on-quarter basis. The bank held provisions of Rs 947.42 crore this quarter, down from Rs 1,207.76 crore in the previous quarter. However, provisions in the same quarter last year were Rs 660.39 crore. NIM (Net Interest Margin) stood at 4.54% this quarter, slightly lower than 4.65% in the previous quarter. The bank's credit cost stood at 0.79%, compared to 0.93% in the previous quarter.
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