The Economic Times reported that Kotak Mahindra Bank’s standalone profit rose 29% in the September quarter, while Moneycontrol reported the bank’s standalone net interest margin narrowed.
The Economic Times, citing an exchange filing, reported standalone profit of ₹4,212 crore, compared with ₹3,253 crore a year earlier.
The Economic Times also reported standalone net interest income (NII) of ₹8,459 crore, 16% above ₹7,311 crore a year earlier.
Earnings growth coincided with a lower standalone net interest margin (NIM). Moneycontrol reported the margin at 4.31%, down from 4.54% a year earlier and 4.53% in the June quarter. It said the bank linked much of the decline to liquidity from FCNR(B) deposits and reported that ₹55,344 crore of those deposits were mobilized during the quarter.
The Economic Times also reported consolidated customer assets of ₹6,99,250 crore as of Sept. 30, a 21% annual increase. It put the bank’s consolidated capital adequacy ratio at 22.4% and its Common Equity Tier 1 ratio at 22.1%.
The Economic Times reported that a provisional business update put net advances at ₹5,77,094 crore and deposits at ₹6,51,491 crore as of Sept. 30, up 24.7% and 23.2%, respectively, from a year earlier. The balances included FCNR(B) deposits. The results follow EconoTimes’ earlier coverage of analyst forecasts for Kotak’s Q2 profit.
An Oct. 19 exchange notice scheduled the bank’s earnings call for Oct. 24 at 6:30 a.m. ET (10:30 UTC).
