MUMBAI - Kotak Mahindra Bank has reported a significant rise in its financial performance for the second quarter ending in September, with a robust increase in both income and profit. The bank's income surged to ₹21,559 crore, marking a sequential growth of around four percent from the last quarter and an impressive annual increase of over twenty-three percent. Profits after taxes reached ₹4,461 crore.
The bank's equity distribution as of the end of September highlighted that promoters held a substantial stake of approximately 26%, foreign institutional investors (FIIs) owned just under half at about 41%, and domestic institutional investors (DIIs) accounted for close to one-fifth with around 20%.
BNP Paribas (OTC:BNPQY) has expressed confidence in Kotak Mahindra Bank's strong market position by endorsing it with a Buy rating and setting a share price target of ₹2,140, up from the bank's share price at the time of approximately ₹1,754.9. This endorsement comes as the bank boasts an impressive market capitalization of over ₹348,586 crore.
A detailed review of the bank's revenue sources revealed that key contributors included Interest & Discount on Advances & Bills alongside Income From Investment for the fiscal year leading up to March '23 end. The bank's solid financial results and positive outlook from analysts indicate a healthy financial sector performance and growing investor confidence in Kotak Mahindra Bank's operations and management.
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