/financial-express-hindi/media/media_files/P1pS9j3SpCGClGsb1qpH.jpg "Kotak Mahindra Bank Q1 Results: Kotak Mahindra Bank’s profit increased by 2% to Rs 3,520 crore in the June quarter, asset quality improved")
Kotak Mahindra Bank FY25 Q1 Results: Kotak Mahindra Bank released the results for the first quarter of the current financial year ending on June 30. In the April-June quarter of the current financial year, the bank’s profit (standalone net profit) increased by 2 percent to Rs 3,520 crore. Whereas during the same quarter of the previous financial year, the bank’s profit was Rs 3,452 crore.
In a notice to the stock market, Kotak Mahindra Bank said that its total income in the June quarter increased to Rs 15,675 crore, which was Rs 13,183 crore in the same quarter of the last financial year. The bank’s interest income increased to Rs 12,746 crore in the June quarter, which was Rs 10,500 crore in the same quarter a year ago.
Bank’s profit increased by 81% due to sale of associate company
Kotak Mahindra Bank said that in the June quarter, it had booked Rs 10,000 crore from one of its associate companies, Kotak General Insurance (Kotak General Insurance) stake was sold to Zurich Insurance Group. Due to which the bank’s profit increased by Rs 3,012 crore. It is being told that the total profit of the bank increased by 81 percent in the June quarter.
Also read: HDFC Bank Q1 Results: HDFC Bank’s profit increased by 35% to Rs 16,174 crore, net profit decreased by 2% on quarterly basis
Bank asset quality improved
Kotak Mahindra Bank’s asset quality has improved during the June quarter. The bank’s gross NPA fell to 1.39 percent, which was 1.77 percent in the same quarter a year ago. At the same time, the bank’s net NPA fell to 0.35 percent in the first quarter, which was 0.44 percent in the same quarter of the previous financial year.
The bank’s consolidated profit after tax (PAT) increased by 79 percent to Rs 7,448.16 crore. Whereas this figure was Rs 4,150.19 crore in the first quarter of the previous financial year. In the June quarter, Kotak Mahindra Bank’s net interest income (NII) increased by 10 percent to Rs 6,842 crore, which was Rs 6,234 crore in the same quarter of the previous financial year. During this period, the bank’s net interest margin (NIM) was 5.02 percent.
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