Kotak Mahindra Bank Q2 profit rises 27 pc to Rs 2,581 cr

New Delhi: Kotak Mahindra Bank on Saturday reported an about 27 per cent rise in net profit at Rs 2,581 crore for the quarter ended September 2022.

The private sector lender had posted a net profit of Rs 2,032 crore in the same quarter of the previous fiscal year.

Total income during July-September period of 2022-23 grew to Rs 10,047 crore, as against Rs 8,408 crore in the year-ago quarter, Kotak Mahindra Bank said in a regulatory filing.

Net interest income increased to Rs 5,099 crore from Rs 4,021 crore in Q2 FY22, up 27 per cent.

Net interest margin for the quarter was at 5.17 per cent.

On the assets front, the bank's gross non-performing assets (or bad loans) stood at 2.08 per cent of gross advances at the end of September 2022, down from 3.19 per cent a year ago.

Net NPAs dropped to 0.55 per cent from 1.06 per cent.  On a consolidated basis, the bank reported a 21 per cent rise in its net profit at Rs 3,608 crore in Q2 FY23, compared to Rs 2,989 crore in the same quarter of the previous fiscal.