Kotak Mahindra Bank Q1 profit increases from Rs 79 to Rs 7,448 crore

1. Kotak Mahindra Bank Q1 to be held in June 3rd now Kotak Mahindra Bank increased by 2% to Rs 3,520 crore

 

• Kotak Mahindra Bank’s contribution in the April-June quarter increased by 79% to Rs 7,448 crore. Share sale in the general insurance branch of the bank and other companies are contributing to this. The contribution in the three months of April-June has now increased by 2% to Rs 3,420 crore.

 

• The bank’s executive officer, director Ashok Vaswani, said in February that during the three months to June, the bank had made significant progress on the child-to-be-tested and inquired consulting company GT Bharat.

 

• He said that it will strengthen the internal team by taking resources from big technology companies like Accenture, Infosys, Oracle, Cisco, etc. Now it depends on the RBI when it thinks of removing the arrangement. The bank has said that due to the restrictions of RBI, the credit card Businesses are being affected. The bank was making a profit of Rs 3452 in the same quarter every year.

In this information given to the stock market of Kotak Mahindra Bank, it was said that the total income of the bank has increased to Rs 15675 crore in the quarter under review, which was Rs 13183 crore in the same quarter every year. The interest income of the bank has increased to Rs 12746 crore in the June quarter. It became Rs. 10500 crore in the same quarter last year.

 

The bank has maintained a stable 1.39% of non-asset loans, thus the NPA has come down to 0.35% from 0.40% in this quarter last year. Vaswani said that with respect to unsecured loans, where RBI has expressed concern over the systematic work in Mahindra Bank. New segment for ticket loan customers and stress has been seen due to majority of loans in credit cards and personal loans.

 

The quarterly interest income of the bank has increased by 10% annually to Rs 6842 crore, now it has decreased compared to Rs 6909 crore in the March quarter.