Profit Before tax jumped 30.7% to Rs 3,701 crore in Q3 FY23 compared with Rs 2,832.74 crore in Q3 FY22. Operating profit increased 43% to Rs 3,850 as on 31 December 2022 as compared to Rs 2,701 crore as on 31 December 2021. Net interest income (NII) jumped 30% to Rs 5,653 crore in Q3 FY23 as compared to Rs 4,334 crore in corresponding quarter last year. Net interest margin (NIM) was at 5.47% during the quarter. CASA ratio stood at 53.3% in Q3 FY23 as against 59.9% in Q3 FY22. Slippages were at Rs 748 crore in Q3 FY23 compared with Rs 983 crore in same quarter last year. Total deposits stood at Rs 3,44,666 crore in Q3 FY23 as compared to Rs 3,05,286 crore in Q3 FY22. Advances increased by 23% to Rs 3,10,734 crore as at 31 December 2022 from Rs 2,52,935 crore as at 31 December 2021.

Gross non performing assets (GNPA) stood at Rs 5,995 crore as on 31 December 2022 as against Rs 6,983 crore as on 31 December 2021. Net NPA was at Rs 1,345 crore in Q3 FY23 as compared to Rs 2,004 crore in Q3 FY22.

GNPA ratio stood at 1.90% in Q3 FY23 as compared to 2.71% in Q3 FY22. NNPA was at 0.43% in Q3 FY23 as against 0.79% in Q3 FY22.

Provision coverage ratio (PCR) stood at 77.6% in Q3 FY23. Capital adequacy ratio (CRAR), as per Basel III, as at December 31, 2022 was 21.7% and CET I ratio of 20.7% (including unaudited profits).

As on 31 December 2022, COVID related provisions stood at Rs 400 crore. In accordance with COVID Resolution Framework announced by RBI, the Bank has standard restructured fund-based outstanding of Rs 281 crore (0.09% of Advances). Under the MSME Resolution Framework, the Bank has standard restructured fund-based outstanding of Rs 484 crore (0.16% of Advances) as at 31 December 2022.

Meanwhile, the bank's board approved issuing listed, redeemable, unsecured non-convertible debentures (NCDs), in one or more tranches/series, on a private placement basis, for an amount not exceeding Rs 1,500 crore, during the remaining period of FY 2022-23 under the prevailing Members' approval.

The board also approved raising funds by way of issuance of unsecured, redeemable, non-convertible debentures / bonds / other debt securities, on private placement basis, for an amount up to Rs 7,000 crore, in one or more tranches, during FY 2023-24.

Kotak Mahindra Bank is a diversified financial services group providing a wide range of banking and financial services including consumer banking, commercial banking, treasury and corporate banking, investment banking, stock broking, vehicle finance, advisory services, asset management, life insurance and general insurance.

The scrip rose 0.65% to Rs 1,774.65 on the BSE.