Kotak Mahindra Bank, a mid-cap private sector bank, reported a healthy financial performance in the January-March quarter of the fiscal year 2023-24. The bank reported a fantastic 18 percent growth in net profit, which was at Rs 4,133 crore compared with Rs 3,496 crore in the corresponding quarter of the previous year.
In the fourth quarter, Kotak Bank reported a massive 13 percent growth in net interest income to Rs 6,909 crore compared with Rs 6,103 crore in the same quarter last year.
Apart from the rise in profits, Kotak Bank reported an improvement in the asset quality metrics. Gross NPA dropped to 1.39 percent of total loans compared with 1.78 percent recorded in the previous year. Moreover, the net NPA has dropped to 0.34 percent from 0.37 percent in the corresponding quarter of the previous year.
The bank's advances grew a massive 20 percent year-on-year to Rs 391,729 crore as of March-end, indicating the bank's continued focus on expanding its loan book.
Read also | IvyCap Ventures Successfully Concludes 'Fund III' at Rs 2,100 Crore
Read also | Raymond's Q4 Net Profit Surges by 18% to Reach Rs 229 Crore
