Kotak Mahindra Bank's Q1 consolidated net profit up 53% to Rs 2,755 cr

Bank's standalone net profit was up 26% YoY, aided by loan growth and lower provisions

Kotak Mahindra Bank on Saturday has reported a consolidated net profit of Rs 2,755 crore for the April-June quarter of 2022-23 (Q1FY23) – a growth of 53 per cent over the same period last year. In the year ago period, the bank had posted a net profit of Rs 1,806 crore.

On a standalone basis, the private sector lender reported a net profit of Rs 2071 crore in Q1FY23, up 26 per cent year-on-year (YoY) from Rs 1,642 crore in Q1FY22, aided by drop in provisions and contingencies, and a healthy growth in net interest income.

The net interest income