Kotak Mahindra Bank for Q1FY17 posted a doubling of consolidated net profit – up 106% (YoY) at Rs.1067 crore, a very strong set of numbers. This surge can be explained - the bank merged ING Vysya Bank with itself in April 2015 but started reporting results including ING Vysya only in subsequent quarters thus this doubled picture. Net interest income (NII), rose 18% at Rs.2566 crore and other income too showed a smart rise of 20% at Rs.1079 crore.

In terms of asset quality, gross NPA was at 2.06% v/s 2.04% (QoQ) and Net NPA also rose marginally from 0.93% to 1.06%. Most banks have suffered on account of the higher provisioning but Kotak seems to be on sound footing here too – its provisioning for Q1FY17 was at Rs.213 crore and this was much lower than Rs.322 crore in Q1FY16 and just marginally higher than Rs.212 crore in Q4FY16. CAR remained steady at 16.34 (QoQ).

The Bank’s deposits rose 20% and advances were up 17%. It did not sell any loans to asset reconstruction companies during the quarter. As at 30th June 2016, the Bank had 1333 branches and before end of FY17, hopes to have 1400 branches.