Kotak Mahindra Bank on July 22 reported a 50.62% rise in its consolidated profit at Rs 4,150.19 crore for the Q1 of the current fiscal year.

The standalone net profit grew by 66.7% on a yearly basis to Rs 3,452.30 crore.

Net interest income increased by 33% to Rs 6,234 crore for Q1FY24.

Kotak Mahindra Bank has recorded an increase in unsecured retail loans during the quarter under review. The retail unsecured loans for the bank reached 10.7% of the total loan book, compared to 7.9% in a year-ago period.

Retail microfinance loans increased by 91% over the last year, while credit card outstanding jumped 67%.

Retail microfinance is issued to low-income groups, essentially small business owners and vendors.

The home loan segment grew by 18% in the quarter, while loans to Small and Medium Enterprise (SMEs) increased by 16%.

The corporate loans grew by 9% on a yearly basis.