- Kotak Mahindra Bank reported Q1 net profit of Rs 4,123 crore, up 26% year on year
- Net interest income rose 9.2% year on year to Rs 7,928 crore, slightly below estimates
- Operating profit increased 10.2% year on year to Rs 6,131 crore, beating estimates
Kotak Mahindra Bank reported anet profit of Rs 4,123 crore for Q1FY27 supported by healthy growth in net interest income and operating profit. The private-sector lender's net profit increased 26% year-on-year from Rs 3,282 crore, surpassing Bloomberg estimate of Rs 3,975 crore.
Net interest income, the difference between interest earned and interest paid, rose 9.2% year-on-year to Rs 7,928 crore from Rs 7,260 crore. However, the figure was marginally below the market estimate of Rs 8,002 crore.
Operating profit increased 10.2% to Rs 6,131 crore, compared with Rs 5,564 crore in the corresponding quarter of the previous year. It was also higher than the estimated Rs 6,015 crore.
The bank's asset quality remained broadly stable during the quarter. Gross non-performing assets improved to 1.18% of total advances from 1.20% in the preceding quarter, matching analysts' expectations.
Net NPA stood at 0.27% as compared to 0.25% in the previous quarter and slightly above the estimate of 0.26%.
Provisions increased sequentially to Rs 668 crore from Rs 516 crore in the preceding quarter. On a year-on-year basis, however, provisions declined sharply from Rs 1,208 crore.
Kotak Mahindra Bank Q1 Results - YoY
- Net profit up 26% at Rs 4,123 crore vs Rs 3,282 crore
- Net interest income up 9% at Rs 7,928 crore vs Rs 7,259 crore
- Operating profit up 10% at Rs 6,131 crore vs Rs 5,564 crore
- Provisions down 45% at Rs 668 crore vs Rs 1,208 crore
Asset Quality - QoQ
- Gross NPA at 1.18% vs 1.20%
- Net NPA at 0.27% vs 0.25%
Check Q1 Results Live Updates Here
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