Kotak Mahindra Bank Q3 profit surges 31% to Rs 2,792 crore

New Delhi: Private sector Kotak Mahindra Bank on Saturday reported a 31 per cent jump in its standalone profit at Rs 2,792 in the quarter ended December 2022 aided by improvement in net interest income.

The bank had posted a net profit of Rs 2,131 crore in the same quarter a year ago.

The bank's total income increased to Rs 11,099 crore in the latest December quarter from Rs 8,260 crore in the year-ago period, the bank said in a regulatory filing.

Net Interest Income (NII) for Q3FY23 increased by 30 per cent to Rs 5,653 crore from Rs 4,334 crore in Q3FY22, it said.

Net Interest Margin (NIM) was 5.4 per cent for Q3FY23, it added.

On the asset quality front, the bank recorded an improvement with gross NPAs (Non-Performing Assets) declining to 1.90 per cent as compared to 2.71 per cent at the end of third quarter of previous fiscal.

Net NPAs eased to 0.43 per cent as against 0.79 per cent in the same period a year ago.

The capital adequacy ratio declined to 19.66 per cent in the December quarter as against 21.29 per cent.