Analysts surveyed by ET NOW had projected a profit figure of 1.6 billion rupees.
Net interest income (NII), which is the difference between the interest income a bank earns from its lending activities and the interest it pays to depositors, rose 16.8 percent to Rs 3,913 crore from Rs 3,350 crore in the prior year quarter.
At the end of the quarter, the gross NPA was 2.55% and the net NPA was 0.64%.
“The bank has not recognized any NPA since August 31, 2020, in line with the interim order of the Supreme Court. If this order were not fulfilled, the gross NPA would have been 2.70% and the NNPA 0.74%. However, the bank has anticipated such an advance, ”Kotak Mahindra Bank said in a statement.
Average savings deposits grew 32% to Rs 1,06,442 crore for the first half of the current fiscal year compared to Rs 80,425 crore for the same period last year. Average checking account deposits grew 10% to Rs 36,610 crore from Rs 33,216 crore.
Client assets, which include advances and credit substitutes, were Rs 2,18,790 crore compared to Rs 2,23,305 crore last year. Advances as of September 30, 2020 fell to Rs 2,04,845 crore from Rs 2,13,299 crore.
On a consolidated basis, consolidated PAT for the quarter increased to Rs 2,947 crore from Rs 2,407 crore, up 22% year-over-year, 74% of which came from its banking operations.
.
