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Kotak Mahindra Bank Ltd.’s reported their quarterly financial performance for the quarter ended on December 31, with a net profit of Rs 1,291 crores which surged 23 per cent year-on-year basis and registered one of the fastest expansion in the past six quarters due to strong loan growth.
According to the bank’s exchange filing, net interest income or the core income of the bank during the quarter under review stood at Rs 2,939 crores, rising 27 percent year-on-year basis. Net interest margin also expanded from 4.2 percent in the previous quarter to 4.33 percent.
The bank in a statement added that the total advances during the Q3 FY19 stood at Rs 1,96,432 crores rising by 23 per cent. Other key aspects such as capital adequacy ratio as per Basel-III norms stood at 18.1 percent whereas Tier-I ratio stood at 17.6 percent.
Kotak Mahindra Bank also informed that the savings account deposits during the Q3 FY19 surged by 34 per cent year-on-year to Rs 73,958 crore. Current account deposits jumped to Rs 29,607 crores, inclining 19 per cent year-on-year basis.
The bank in its statement said “In December 2018, we recorded the highest UPI transactions in a month (~31 Million) since launch. During Q3 FY19, the share of Recurring Deposits sourced digitally was 89 % and that of Term Deposits was 68 %. Mobile banking growth in terms of volume recorded YoY growth of 221%. The digital share of salaried personal loans was 35% in Q3 FY19.”
