Kotak Mahindra Bank recently announced that its consolidated net profit for the second quarter of the fiscal that ended in September 2018 was up by a total of 21%. The company’s net profit has, thus, increased from Rs.1,441 crore, which was reported in the year-ago period, to Rs.1,747 crore.
Kotak Mahindra Bank witnessed a high net profit due to the increasing demand for loans which led to an increase of 16% in the net interest margin to touch Rs.2,689 crore and due to the robust performance of its subsidiaries including Kotak Life Insurance, Kotak Mutual Fund, Kotak Securities, and Kotak Mahindra Prime.
The bank announced that the consolidated net income for the second quarter of the current financial year was up by 9.3% to Rs.10,829 crore, in comparison to Rs.9,904 crore that was reported in the corresponding period during the last fiscal.
The public-sector lender’s average savings deposit also rose by 43% to touch Rs.68,630 crore from Rs.48,127 crore in the year-ago period. Similarly, the bank’s average current account deposits increased by a total of 22% to touch Rs.27,807 crore from Rs.22,734 crore in the previous financial year. During the quarter that just ended, Kotak Mahindra Bank’s CASA ratio increased to 50.2% from 47.8% in the year-ago period.
Sources: The Times of India