The bank said its net interest income (NII) rose 19% year-on-year to Rs 4,697 crore from Rs 3,942 crore in the same quarter last year. Net interest margin (NIM) for the quarter was 4.92%.

The Covid-related provisions stood at Rs 482 crore. In line with the Covid resolution framework announced by RBI, the bank had a standard restructured funds outstanding of Rs 379 crore representing 0.14% of advances.

Under the MSME resolution framework, the bank has a standard restructured funds outstanding of Rs 697 crore, or 0.25% of advances, as of June 30. As of June 30, gross non-performing assets were 2.24% and net NPA was 0.62%.

The cost of credit on advances for Q1FY23 was 16 basis points (annualized) (excluding COVID and restructuring provision/reversal). The provision coverage ratio stood at 72.6%, the bank said in a BSE filing.

Client assets, which include advances and credit substitutes, increased by 29% to Rs 3,03,629 crore from Rs 2,35,340 crore as of June 30. Overall, advances jumped 29% to Rs 2,80,171 crore as of June 30 from Rs 2,17,447 crore in the prior year quarter. The CASA ratio for the quarter was 58.1%.

Average current deposits rose 19% to Rs 55,081 crore for the quarter from Rs 46,341 crore in the prior year quarter.

Meanwhile, on a consolidated basis, PAT increased by 53% to Rs 2,755 crore from Rs 1,806 crore in the same quarter last year.

Agencies

Highlights of Kotak Mahindra Bank’s first quarter results.

Here’s how the bank’s subsidiaries fared during the quarter:

Kotak Mahindra Bank first quarter consolidated figures.