The company’s standalone net profit increased by 66.7% year-over-year to Rs 3,452.30 crore, which was higher than the 53.0% growth forecast of Rs 3,182 crore by market experts.

The private sector lender based in Mumbai posted a standalone net profit of Rs 3,495.59 crore in the same period last year.

Asset quality

The lender’s asset quality improved in June, falling from 2.27 percent to 1.75 percent gross non-performing assets (NPAs) year over year.

The quarterly net nonperforming asset ratio improved to 0.43 percent from the prior quarter’s 0.41 percent and the prior year’s 0.69 percent.

As of June 30th, gross nonperforming assets were Rs 5,909 crore, down from Rs 6,379 crore in the same time last year. Gross nonperforming assets were around Rs 5,768 crore in the previous quarter.

Comparatively, net nonperforming assets were Rs 1,302 crore a year ago, down from Rs 1,749 crore.

There were Rs 692 billion worth of recoveries and enhancements. During the period of April-June, provisions and contingencies increased to Rs 365 crore from Rs 23 crore in the same period last year, as reported in an investor presentation.

The bank’s provision coverage ratio increased dramatically over the previous year, standing at 78%.

Interest income

Net interest income (NII), the difference between interest income earned from financing activities and interest paid to depositors, rose 33 percent year-over-year to Rs 6,234 crore.

The bank reported that the net interest margin (NIM) for Q1FY24 was 5.57 percent in a press release.

Advances and deposits

From Q1FY23’s Rs 55,081 crore to Q2FY23’s Rs 59,431 crore, average current deposits increased by 8 percent. Average savings deposits, however, fell to Rs 1.2 lakh crore from Rs 1.22 lakh crore a year earlier.

Compared to Q1FY23, average term deposits increased by 40 percent, from Rs 1.30 lakh crore to Rs 1.82 lakh crore.

The CASA ratio was 49% at that time.

The bank reported a rise in advances of 19 percent year over year, from Rs 2.83 trillion to Rs 3.37 trillion in the same quarter of the previous fiscal year.

Kotak Mahindra Bank closed at Rs 1,971.10 on BSE on July 21, up 0.70 percent from the previous close despite a 1.31 percent drop in the benchmark Sensex, which ended the day at 66,684.26.

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The post Kotak Mahindra Bank : Consolidated net profit up 50.62% at Rs 4,150.19 crore appeared first on Republic Aeon.

Many banks have recently increased the interest rate (MCLR) on different types of loans. On Sunday, January 15, the public sector State Bank of India increased the lending rates (SBI MCLR hike) by 10 basis points. Today Kotak Mahindra Bank and Federal Bank have increased the interest rate (Federal Bank MCLR) by 10 to 30 basis points. Federal Bank has increased interest by a flat 20 basis points for all loan tenures, while Kotak Mahindra Bank has increased interest by 10-30 basis points for different tenure loans (Kotak Mahindra Bank MCLR). The new rate is applicable from today itself. Due to the increase in MCLR, interest on other types of loans including home loan, car loan will increase and the burden of EMI going every month will also increase.

Federal Bank MCLR

According to the information available on the bank’s website, Federal Bank has increased the overnight MCLR to 8.95 per cent. One month MCLR has now become 9 per cent, three months MCLR 9.05 per cent, six months MCLR 9.15 per cent and one year loan rate 9.20 per cent. The base rate is 9.63 per cent.

Kotak Mahindra Bank MCLR

According to information available on Kotak Mahindra Bank’s website, the overnight MCLR is now 8.15 per cent, one month MCLR 8.40 per cent, three months 8.55 per cent, six months 8.75 per cent, one year 8.95 per cent, two years 9 per cent and three years The MCLR has now increased to 9.15 per cent.

SBI Hiked MCLR

According to SBI’s website, the increase in MCLR has been done over a period of one year only. The 1-year MCLR has increased by 0.10% to 8.40. Overnight MCLR remains at 7.85%, 1 to 3 months MCLR 8%, 6 months MCLR 8.30%, 2 years MCLR 8.50% and 3 years MCLR 8.60%.

The post After SBI, Federal Bank and Kotak Mahindra Bank increased the interest rate appeared first on Republic Aeon.