Kotak Mahindra Bank logs Rs 3,190cr PAT in Q2

Chennai, Oct 21

Kotak Mahindra Bank on Saturday said it closed the second quarter of FY24 with higher net profit of Rs 3,190.97 crore.

The bank also said the Reserve Bank of India has approved the appointment of Ashok Vaswani as the Managing Director and CEO for three years.

In a regulatory filing, Kotak Mahindra Bank said for the quarter ended September 30, it had earned a total interest income of Rs 11,192.83 crore (Q2FY23 Rs 8,092.81 crore) and a net profit of Rs 3,190.97 crore (against Rs 2,580.68 crore in Q2FY23).

During the period under review, the bank's other income stood at Rs 2,314.53 crore taking the total income to Rs 13,507.36 crore.

As on September 30, Kotak Mahindra Bank's gross non performing assets (GNPA) and net NPA stood at Rs 6,087.23 crore and Rs 1,274.81 crore, respectively.

The bank also said the Reserve Bank of India has approved the appointment of Ashok Vaswani as the Managing Director & CEO for a period of three years with effect from the date of taking charge, which shall not be later than January 1, 2024.