Kotak Bank Result Highlights
Reported a 26.27 percent (YoY) rise in standalone net profit at Rs 2,184.48 crore for the September quarter compared to a profit of Rs 1,724.48 crore in the year-ago quarter.
Net interest income (NII), rose 16.8 percent to Rs 3,913 crore from Rs 3,350 crore in the year-ago quarter.
Gross NPA was 2.55 percent and net NPA 0.64 percent.
Average savings deposits increased by 32% to Rs 1,06,442 crore compared with th Rs 80,425 crore for the same period last year.
Average current account deposits grew by 10% to Rs 36,610 crore from Rs 33,216 crore.
PAT for the quarter increased to Rs 2,947 crore from Rs 2,407 crore, up 22 percent YoY.
Impact on Kotak Bank
Posted solid numbers, we can expect positive movement in the stock.
Kotak bank is in a moderate upward trend on the daily chart and currently trading around the 1400 mark. For the short term, we can expect further upside movement in it and it can text the 1500 mark on the higher side. On the flip side, any breakout below the level of 1230 on a closing basis may generate a fresh downside rally in it.
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