Kotak Mahindra Bank's Steady Profit Growth Amidst NIM Dip

Kotak Mahindra Bank reported a 5% increase in its standalone profit for the second quarter of 2024, reaching Rs 3,344 crore. Despite a rise in interest income and decreased gross NPAs, the bank saw a moderation in Net Interest Margin to 4.91%. Consolidated net profit rose by 13% to Rs 5,044 crore.

Kotak Mahindra Bank announced a marginal 5 percent rise in standalone profit, reaching Rs 3,344 crore for the quarter ending September 2024. This slight increase comes as the private sector lender strives to maintain stability amidst fluctuating economic conditions.

The bank's total income saw an uptick to Rs 15,900 crore from Rs 13,507 crore during the same period last year, indicating significant growth. Interest income played a major role, rising to Rs 13,216 crore compared to Rs 11,193 crore a year ago.

While the Net Interest Income (NII) grew by 11 percent to Rs 7,020 crore, the Net Interest Margin (NIM) slightly dipped to 4.91 percent. The bank also reported a reduction in gross Non-Performing Assets (NPAs) to 1.49 percent, while net NPAs saw a minor rise to 0.43 percent.

(With inputs from agencies.)