How were the quarterly numbers of Kotak Mahindra Bank?
Answer
Answer
In a quarter when banks did see pressure and on a day when banks came under pressure due to the RBI rate hikes, Kotak Bank went the other way. The reason was that for the Mar-22 quarter, Kotak Mahindra Bank reported 50% higher net profits at Rs.3,892 crore. Net profits for the full year were higher by a robust 21% at Rs.12,089 crore.
The profits are almost 30% higher than the Reuters consensus estimates. Net interest margin or NIM stood at a healthy 4.78%, among the best in class among private banks. Gross NPAs improved by 37 bps to 2.34% while the loan book grew 21% to Rs.2.71 trillion. In the fourth quarter, deposits grew 11% to Rs.3.11 trillion even as CASA deposits accounted for 60.7% of the deposits. Kotak Bank capital adequacy is at a healthy 22.7%.