Kotak Mahindra Bank's consolidated net profit rises 20.7% in Q2FY23

NII of the lender grew 26.8 per cent YoY to Rs 5,099 crore during this period and net interest margin, a measure of profitability of banks, stood at 5.17 per cent

Private sector lender Kotak Mahindra Bank reported a 20.7 per cent jump in its consolidated net profit to Rs 3,608.18 crore in the July – September quarter (Q2) of FY23, compared to Rs 2,988.74 crore in the year-ago period.

On a standalone basis, the bank’s net profit was up 27 per cent year-on-year (YoY) to Rs 2,581.68 crore in Q2FY23, aided by lower provisions and a robust jump in net interest income (NII), which in turn was on the back of healthy growth in advances.

NII of the lender grew 26.8 per cent YoY to Rs 5,099 crore during this