Kotak Bank's Q2 net rises 4.8% year-on-year

MUMBAI: Kotak Mahindra Bank reported a 4.8% year-on-year (YoY) increase in net profit for Q2FY25, reaching Rs 3,344 crore. However, on quarter-on-quarter basis, the bank's profit was down by 5%, because of a 1-time gain of Rs 2,730 crore from sale of its stake in Kotak General Insurance in the preceding quarter. Gross deposits stood at Rs 4,61,454 crore, marking a 15.1% YoY increase, while gross advances rose by 17.4% YoY to Rs 4,19,108 crore in Q2FY25.

Provisions rose to Rs 660 crore in the quarter, compared to Rs 578 crore in Q1FY25 and Rs 366 crore in Q2FY24, indicating significantly elevated provisioning levels. TNN