Kotak Mahindra Bank reports 26% rise in Q2 net profit to ₹5,645 crore

Kotak Mahindra Bank reported a 26% year-on-year rise in consolidated net profit to ₹5,645 crore for the September quarter, while standalone profit after tax grew 29% to ₹4,212 crore.

Net interest income increased 16% to ₹8,459 crore, though net interest margin contracted by 0.23 percentage points partly due to mobilisation of ₹55,344 crore in FCNR(B) deposits.

Managing Director and CEO Ashok Vaswani stated that repo-rate-linked loans could partly offset pressure on margins, while institutional brokerages retained their 'Buy' ratings.