Kotak Mahindra Bank Q4 FY23 profit rises 26.3% YoY, beats estimates.

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Kotak Mahindra Bank, the largest private lender in India, reported strong earnings growth in the quarter ended March fiscal. The bank’s standing profit rose 26.3% year-on-year to Rs 3,495.6 crore, with interest income up 35% to Rs 6,102.55 crore, growth above estimates driven by an increase in interest income, non-cash interest, pre-issuance operations -was also driven by profitability, with growth in advances and deposits of 18% and 16.5% yoy respectively The bank reported provisions and potential reserves of Rs 147.6 crore for Q4 FY23 , compared to a provision turnover of Rs 306.2 crore in FY4. In addition, the bank’s asset quality improved with total NPAs falling 12 bps QoQ to 1.78%, and net NPAs falling 6 bps to 0.37% during the quarter The bank’s robust financial performance day and resilience to challenging economic conditions and its ability to adapt to changes have outperformed market conditions.