Tamil NaduKotak Mahindra Bank Q1 results 2022 Net profit up 26% due to...

Kotak Mahindra Bank Q1 results 2022 Net profit up 26% due to fall in provision, NII up 19%

Kotak Mahindra Bank Q1 results 2022: Kotak Mahindra Bank , India’s fourth largest bank by market value, today announced its financial results for the first quarter of FY 2023 i.e. June 2022 quarter, on 23 July 2022. The bank’s June quarter has resulted in excellent results due to a sharp drop in provisions.

Kotak Mahindra Bank’s profits and earnings both increased due to reduction in provisions. Kotak Mahindra Bank’s net profit in the first quarter of FY 2023 increased by 26.10 per cent to Rs 2,071.10 crore as compared to a net profit of Rs 1,641.90 crore in the same quarter of the previous financial year.

The net interest income (NII) of the bank has also increased by about 19.20 per cent to Rs 4,697 crore in the June 23 quarter of the financial year 2022 as compared to Rs 3,941.70 crore in the June quarter of the previous financial year.

Kotak Mahindra Bank’s profit may see a jump of 35%, bad loans may see a decline Kotak Mahindra Bank’s Net NPA has increased by almost 0.70 per cent from Rs 1,737 crore in Q4 of FY22 to Rs 1,749 crore in Q1 of FY23. On the other hand, on a percentage basis, the net NPAs in the first quarter of FY23 stood at 0.62 percent. Whereas in the fourth quarter of FY22, the net NPA was 0.64 percent.

Kotak Mahindra Bank’s Gross NPAs also showed improvement. Kotak Mahindra Bank’s gross NPA stood at Rs 6,379 crore in the June quarter as against Rs 6,470 crore in the previous quarter. The gross NPAs of the bank showed an improvement of about 1.40 per cent on a quarterly basis.

It is worth noting that before the release of the results, analysts had also predicted that the bank’s position in the case of bad loans could improve. Due to this, the results of the bank can be good.

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