July 20, 2024
New Delhi, India
Q1 Results
Kotak Mahindra Bank has announced its Q1FY25 results, showcasing a remarkable year-on-year (YoY) increase in net profit and solid growth in net interest income (NII). The bank’s performance highlights its robust financial health and strategic divestments.
Key Financial Highlights:
- Net Profit: Kotak Mahindra Bank reported a standalone net profit of ₹6,249 crore for Q1FY25, an 81% increase compared to ₹3,452.3 crore in Q1FY24. This includes a gain of ₹2,730 crore from the divestment of its stake in Kotak General Insurance.
- Net Interest Income (NII): The NII for the quarter rose by 10% YoY to ₹6,842 crore from ₹6,234 crore in the same period last year.
Reliance Q1 Results Highlights: Net Profit Falls 5% to ₹15,138 Crore
Deposit Growth:
- Total Deposits: Average total deposits grew by 21% YoY to ₹4,35,603 crore in Q1FY25, up from ₹361,295 crore in Q1FY24.
- Current Account Deposits: Average current account deposits increased by 5% YoY to ₹62,200 crore from ₹59,431 crore.
- Savings Account Deposits: Average savings account deposits rose by 2% YoY to ₹1,22,105 crore from ₹119,817 crore.
- CASA Ratio: The CASA (Current Account Savings Account) ratio stood at 43.4% as of June 30, 2024.
Excluding Divestment Gains:
- Adjusted Net Profit: Excluding the ₹2,730 crore gain from the divestment of its stake in Kotak General Insurance, Kotak Mahindra Bank’s net profit for Q1FY25 stood at ₹3,520 crore.
Kotak Mahindra Bank’s Q1FY25 results indicate strong financial performance with significant growth in net profit and NII. The substantial increase in deposits and a stable CASA ratio further reflect the bank’s solid operational footing. The gains from strategic divestments have bolstered its profit, but even without these, the bank has shown impressive growth. Kotak Mahindra Bank is well-positioned for sustained success in the upcoming quarters.
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