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Kotak Mahindra Bank standalone net profit for the first quarter grew 26% to ₹2,071 crore.
Net interest income (NII) increased 19% to ₹4,697 crore. Net interest margin (NIM) stood at 4.92% for Q1FY23, the bank said in a filing.
Customer assets, which include advances and credit substitutes, increased by 29% to ₹3,03,629 crore. Advances increased by 29% to ₹2,80,171 crore from the year-earlier period. CASA ratio as at June 30 stood at 58.1%. Average current deposits grew 19% to ₹55,081 crore.
Average fixed rate savings deposits rose 8% to ₹1,14,237 crore.. Average term deposits grew 16% ₹1,30,035 crore.
COVID-related provisions stood at ₹482 crore. In accordance with COVID Resolution Framework announced by RBI, the bank said it had standard restructured fund-based outstanding of ₹379 crore (0.14% of advances). Under the MSME Resolution Framework, the bank had standard restructured fund-based outstanding of ₹697 crore (0.25% of Advances) as at June 30, 2022.
As at June 30, GNPA was 2.24% and NNPA at 0.62%. Credit cost on advances for Q1FY23 was 16 bps (annualised) (excluding COVID and restructuring provision/reversal). The provision coverage ratio stood at 72.6%, the bank said.
Capital adequacy ratio of the bank, as per Basel III as at June 30 was 22.1% and CET I ratio 21.0%.
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