During the December quarter of FY23, Kotak Mahindra Bank beat street estimates in terms of profitability. The bank garnered a standalone net profit of Rs 2,791.88 crore in the October-December quarter of FY23 compared to Rs 2,131.36 crore in the October-December quarter of FY22.

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However, Q3 PAT scaled up by 8.17% from the profit of Rs 2,581 crore recorded in the July-September quarter of FY23. Net interest income (NII), the difference between interest earned and interest expended, came in at Rs 5,653 crore in the October-December quarter of FY23. The latest quarter’s NII climbed by 30.43% from Rs 4,334 crore in the October-December quarter of FY22 and was up by 10.86% from Rs 5,099 crore in the October-December quarter of FY23.

In the October-December quarter of FY23, Kotak posted a gross NPA that stood at 1.9%, contracting by 81 bps from 2.71% in the October-December quarter of FY22 and down by 18 bps from 2.08% in the October-December quarter of FY23. Also, net NPA dipped steeply to 0.43% in the October-December quarter of FY23 versus 0.79% in the October-December quarter of FY22 and 0.55% in the October-December quarter of FY23.