Kotak Mahindra Bank Q1FY23 Results: Due to a significant decline in provisions during the April-June 2022 quarter, Kotak Mahindra Bank reported a significant year-on-year increase in net profit. The private lender reported a net profit of ₹2,071.10 crs in Q1FY23, up 26.10% from the net profit of ₹1,641.90 crs it reported in Q1FY22.
In the latest quarter ended June 2022, Kotak Mahindra Bank’s net interest income (NII) rose nearly 19.20 percent from ₹3,941.70 crs in Q1FY22 to ₹4,697 crs in April-June 2022.
Compared to the first quarter of FY 2022-22, Kotak Mahindra Bank’s total revenue in 2022-23 was ₹12,571.61 crs.
The private lender’s net asset performance (NPA) has also seen an improvement. With gross NPAs of ₹6,379 crs in April-June of the current fiscal compared to ₹6,470 crs in the previous quarter, Kotak Mahindra Bank improved its gross NPAs by around 1.40 percent quarter-on-quarter. Gross NPA for Kotak Mahindra Bank is now 2.24 percent in Q4FY23 compared to 2.34 percent in Q4FY22.
However, from 1,737 crore in 4Q2022 to 1,749 crore in the last quarter of the current fiscal, its net NPAs increased by over 0.70 percent. However, in percentage terms, net NPAs stood at 0.64 per cent in Q4FY22 compared to 0.62 per cent in Q1FY2022-23.
Kotak Mahindra Bank managed to keep operating expenses under control in the first quarter of fiscal 2022-2023 when they came in at ₹4,960.01 crs against ₹6,342.83 crs in the same period last year.