Kotak Mahindra Bank PAT rises 67% Y-o-Y on strong loan growth
Financial Express Mumbai|July 23, 2023
Provisions for tax rose to ₹1,133 cr in the June quarter
AJAY RAMANATHAN
Kotak Mahindra Bank PAT rises 67% Y-o-Y on strong loan growth

CREDIT SUBSTITUTES ROSE 18% Y-O-Y TO ₹3.6 TRN

THE NET PROFIT of Kotak Mahindra Bank rose 67% year-on-year (y-o-y) in the June quarter due to a growth in its loan book. The bank posted a bottom line of ₹3,452 crore in April-June, higher than the ₹3,219 crore estimated by Bloomberg.

But, provisions for tax rose to ₹1,133 crore in the June quarter from ₹689 crore in the March quarter due to which, the bottom line was slightly lower on a sequential basis. On a consolidated basis, net profit was ₹4,150 crore. The private bank's advances rose 19% y-o-y to ₹3.4 trillion as on June 30. Customer assets, which comprise advances and credit substitutes rose 18% y-o-y to ₹3.6 trillion.

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