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Corporate Results


Kotak Mahindra Bank
(11:21, 25 Jan 2026)
Kotak Mahindra Bank, on a standalone basis, reported 4% growth in Net Profit to Rs 3446.14 crore in the quarter ended December 2025 (Q3FY2026) over the corresponding quarter of last year. The bank has exhibited healthy improvement in asset quality, while net interest margins (NIMs) was steady on sequential basis in Q3FY2026. NIMs of the bank was flat at 4.54% in Q3FY2026 compared with 4.54% in the previous quarter, while declined from 4.93% in the corresponding quarter last year.

The cost-to-income rate has increased to 48.28% in Q3FY2026 from 46.78% in the previous quarter and 47.24% in the corresponding quarter last year. The credit cost (NPA provisions as an annualized percentage of loans) declined to 0.65% in Q3FY2026 from 0.73% in Q3FY2025. The bank exhibited acceleration in loan growth to 15% at end December 2025. The business growth of the bank was healthy and steady at 15% at end December 2025.

On consolidated front, the bank has reported 5% growth in the Net Profit to Rs 4924.29 crore for the quarter ended December 2025, up from Rs 4701.02 crore in the quarter ended December 2025. NII increased 7% to Rs 10122.37 crore, while other income moved up 41% to Rs 10343.99 crore. The operating profit improved 3% to Rs 7472.93 crore in the quarter ended December 2025. Provisions and contingencies have declined 11% to Rs 939.59 crore, while the effective tax rate was steady at 24.94% in Q3FY2026, compared with 24.9% in Q3FY2025.

Asset quality improves: The bank has improved the asset quality in the quarter ended December 2025.

On standalone basis, GNPA ratio has improved to 1.30% and NNPA ratio to 0.31% at end December 2025.

The SMA-2 category loans of the bank also dipped to Rs 290 crore at end December 2025 from Rs 390 crore a quarter ago. The SMA 2 category loan book had stood at Rs 208 crore a year ago.

Capital Adequacy ratio under Basel III including profits stood at 22.60% with the Tier I of 21.50% at end December 2025.

Standalone Asset Quality Indicators: Kotak Mahindra Bank

'

Dec-25

Sep-25

Jun-25

Mar-25

Dec-24

Variation

QoQ

YTD

YoY
Gross NPA (Rs Crore)

 6319.82

 6479.58

 6637.70

 6133.85

 6266.25

 -2

 3

 1
Net NPA (Rs Crore)

 1496.85

 1490.98

 1530.93

 1343.44

 1680.98

 0

 11

 -11
% Gross NPA

 1.30

 1.39

 1.48

 1.42

 1.50

 -9

 -12

 -20
% Net NPA

 0.31

 0.32

 0.34

 0.31

 0.41

 -1

 0

 -10
% PCR

 76.00

 77.00

 77.00

 78.00

 73.00

 -100

 -200

 300
% CRAR - Basel III

 22.63

 22.05

 23.00

 22.25

 22.79

 58

 38

 -16
% CRAR - Tier I - Basel III

 0.00

 0.00

 0.00

 0.00

 0.00

 0

 0

 0

Variation in basis points for figures given in percentages and in % for figures in Rs crore
'

Business Highlights: Standalone Business Highlights

The business level of the bank increased 15% yoy to Rs 1023311 crore at end December 2025. The deposits moved up 15% to Rs 542638 crore, while advances increased 16% to Rs 480673 crore at end December 2025. The credit-deposit ratio rose to 88.58% at end December 2025 from 87.50% a quarter ago.

Segment wise, Corp & Business banking recorded loan growth of 17% to Rs 112787 crore, CV/CE 9% to Rs 44517 crore, Agriculture Division 12% to Rs 26348 crore, Tractor Finance 16% to Rs 19410 crore, Home Loans & LAP 18% to Rs 144156 crore, Consumer Bank WC (Secured) 21% to Rs 50306 crore, PL, BL and Consumer Durables 17% to Rs 24928 crore, and SME 17% to Rs 39623 crore end December 2025 over December 2024. However, the Credit Cards loan book declined 13% to Rs 12322 crore

The CASA deposits ratio eased to 41.32% at end December 2025 from 42.32% a quarter ago and 42.33% a year ago. The cost of saving account deposits declined to 2.86% at end December 2025.

The bank has added 20 branches and reduced 9 ATMs in the quarter ended December 2025. The branch and ATMs network of the bank stood at 2218 branches and 2749 ATMs at end December 2025.

Book Value per share of the bank stood at Rs 131.7 per share at end December 2025. Adjusted book value (net of NNPA and 10% of restructured advances) stood at Rs 130.2 per share at end December 2025.

Consolidated Business Highlights

Consolidated customer assets increased 15% to Rs 598780 crore at end December 2025.

Book Value per share stood at Rs 176.2 per share at end December 2025, while adjusted book value (net of NNPA) stood at Rs 175.7 per share at end December 2025.

Consolidated Quarterly Performance:

On the consolidated front, the bank has reported 5% increase in the net profit at Rs 4924.29 crore, with the NII growth of 7% to Rs 10122.37 crore in the quarter ended December 2025. Non-interest income increased 41% to Rs 10343.99 crore and net total income moved up 22%to Rs 20466.36 crore in the quarter ended December 2025. The expense ratio jumped to 63.5%, while the tax rate was flat at 24.9% in the quarter ended December 2025.

Kotak Prime has reported 10% yoy improvement in the net total income at Rs 744 crore for Q3FY2026, while net profits rose 15% to Rs 250 crore. Total customer asset moved up 13% yoy to Rs 43244 crore at end December 2025. Car advances constituting 80.7% of the total customer assets increased 8% to Rs 34902 crore. Asset quality has improved with %NNPA moderating to 1.10% at end December 2025 from 1.20% at end September 2025.

Kotak Mahindra Life Insurance has reported 17% increase in the gross premium collection to Rs 4943 crore in Q3FY2026. PAT declined 1% to Rs 162 crore in Q3FY2026. Solvency ratio eased to 2.31% in Q3FY2026 against 2.56% in Q3FY2025.

Kotak Securities has reported PAT at Rs 431 crore in Q3FY2026, exhibiting 4% decline from Rs 448 crore in Q3FY2025. Total income moved up 8% to Rs 1461 crore. Market share rose to 9.9% at end December 2025 from 9.6% a quarter ago and 9.1% a year ago.

Kotak Mahindra Capital has reported a net profit of Rs 98 crore, against Rs 94 crore in the corresponding quarter last year. AUM increased 15% to Rs 787950 crore at end December 2025 over December 2025.

Kotak Mahindra AMC and Trustee Co reported 19% surge in Average AUM at Rs 588205 crore in the quarter ended December 2025. The net profit of the company jumped 31% to Rs 315 crore in Q3FY2026.

Standalone Financial Performance - 9MFY2026:

For the nine months ended December 2025 (9MFY2026), the bank posted 23% decline in the net profit to Rs 9981.15 crore. The net interest income increased 5% to Rs 22134.60 crore, while the non-interest income improved 3% to Rs 8506.96 crore in 9MFY2026. Expense ratio was steady at 47.1% in 9MFY2026 compared to 47.0% in 9MFY2025. The provision and contingencies surged 46% to Rs 2964.76 crore 9MFY2026. The profit before tax declined 2% to Rs 13246.97 crore in 9MFY2026. PBT declined 22% to Rs 13246.97 crore in 9MFY26 after one-off gains of Rs 3515.9 crore on stake sale in its subsidiary Kotak Mahindra General Insurance Company in Q3FY25. The effective tax rate was marginally higher at 24.7% in 9MFY2026 compared to 24.2% in 9MFY2025. Net profit declined 23% to Rs 9981.15 crore in 9MFY2026.

Consolidated Financial Performance - 9MFY2026:

For the nine months ended December 2025 (9MFY2026), the bank posted 19% decline in the net profit to Rs 13864.74 crore. The net interest income improved 7% to Rs 29709.77 crore, while non-interest income rose 2% to Rs 27502.25 crore in 9MFY2026. Expense ratio was higher at 61.8% in 9MFY2026 compared to 60.7% in 9MFY2025. The provision and contingencies increased 22% to Rs 3315.18 crore in 9MFY2026. The profit before tax declined 2% to Rs 18549.51 crore in 9MFY2026. PBT declined 18% to Rs 18549.51 crore in 9MFY26 after one-off gains of Rs 3515.9 crore on stake sale in its subsidiary Kotak Mahindra General Insurance Company in Q3FY25. The effective tax rate was higher at 25.7% in 9MFY2026 compared to 24.7% in 9MFY2025. while the net profit declined 19% to Rs 13864.74 crore in 9MFY2026.

'

Kotak Mahindra Bank: Standalone Results

Particulars

2512 (3)

2412 (3)

Var %

2512 (9)

2412 (9)

Var %

2503 (12)

2403 (12)

Var %
Interest Earned

 13903.25

 13427.58

 4

 41389.20

 39389.96

 5

 52919.73

 45798.91

 16
Interest Expended

 6338.68

 6231.33

 2

 19254.60

 18331.75

 5

 24577.95

 19805.71

 24
Net Interest Income

 7564.57

 7196.25

 5

 22134.60

 21058.21

 5

 28341.78

 25993.20

 9
Other Income

 2837.80

 2622.80

 8

 8506.96

 8240.03

 3

 11422.49

 10273.10

 11
Net Total Income

 10402.37

 9819.05

 6

 30641.56

 29298.24

 5

 39764.27

 36266.30

 10
Operating Expenses

 5022.60

 4638.04

 8

 14429.83

 13759.87

 5

 18753.70

 16678.85

 12
Operating Profits

 5379.77

 5181.01

 4

 16211.73

 15538.37

 4

 21010.57

 19587.45

 7
Provisions & Contingencies

 809.58

 794.11

 2

 2964.76

 2032.98

 46

 2942.36

 1573.73

 87
Profit Before Tax

 4570.19

 4386.90

 4

 13246.97

 13505.39

 -2

 18068.21

 18013.72

 0
EO

 0.00

 0.00

 -

 0.00

 3515.90

 -

 3515.90

 0.00

 -
PBT after EO

 4570.19

 4386.90

 4

 13246.97

 17021.29

 -22

 21584.11

 18013.72

 20
Provision for Tax

 1124.05

 1082.10

 4

 3265.82

 4122.95

 -21

 5134.03

 4232.14

 21
PAT

 3446.14

 3304.80

 4

 9981.15

 12898.34

 -23

 16450.08

 13781.58

 19
EPS*(Rs)

 13.9

 13.3

 '

 13.4

 13.7

 '

 13.9

 13.9

 '
Equity

 994.6

 994.1

 '

 994.6

 994.1

 '

 994.1

 994.0

 '
Adj BV (Rs)

 130.2

 113.8

 '

 130.2

 113.8

 '

 116.5

 95.9

 '

* EPS and Adj BV are calculated on diluted equity as given for each year. Face Value: Rs 5 , Figures in Rs crore,

Source: Capitaline Corporate Database

'

Kotak Mahindra Bank: Consolidated Results

Particulars

2512 (3)

2412 (3)

Var %

2512 (9)

2412 (9)

Var %

2503 (12)

2403 (12)

Var %
Interest Earned

 17506.80

 16633.14

 5

 51953.85

 48896.90

 6

 65668.83

 56236.63

 17
Interest Expended

 7384.43

 7169.69

 3

 22244.08

 21113.92

 5

 28274.55

 22567.24

 25
Net Interest Income

 10122.37

 9463.45

 7

 29709.77

 27782.98

 7

 37394.28

 33669.39

 11
Other Income

 10343.99

 7312.65

 41

 27502.25

 27004.78

 2

 37407.27

 38037.28

 -2
Net Total Income

 20466.36

 16776.10

 22

 57212.02

 54787.76

 4

 74801.55

 71706.67

 4
Operating Expenses

 12993.43

 9541.85

 36

 35347.33

 33234.26

 6

 45756.68

 45870.82

 0
Operating Profits

 7472.93

 7234.25

 3

 21864.69

 21553.50

 1

 29044.87

 25835.85

 12
Provisions & Contingencies

 939.59

 1054.17

 -11

 3315.18

 2718.97

 22

 3859.24

 1972.47

 96
Profit Before Tax

 6533.34

 6180.08

 6

 18549.51

 18834.53

 -2

 25185.63

 23863.38

 6
EO

 0.00

 0.00

 -

 0.00

 3803.40

 -

 3803.40

 0.00

 -
PBT after EO

 6533.34

 6180.08

 6

 18549.51

 22637.93

 -18

 28989.03

 23863.38

 21
Provision for Tax

 1629.34

 1540.45

 6

 4770.44

 5601.13

 -15

 7043.29

 5886.55

 20
PAT Before Minority Interest

 4904.00

 4639.63

 6

 13779.07

 17036.80

 -19

 21945.74

 17976.83

 22
Share of minority interest'

0.00

 0.00

 -

 0.00

 0.00

 -

 0.00

 0.00

 -
Share in profits of associates

20.29

 61.39

 -67

 85.67

 156.43

 -45

 180.25

 236.38

 -24
PAT

 4924.29

 4701.02

 5

 13864.74

 17193.23

 -19

 22125.99

 18213.21

 21
EPS*(Rs)

 19.8

 18.9

 '

 18.6

 19.5

 '

 19.4

 18.3

 '
Equity

 994.6

 994.1

 '

 994.6

 994.1

 '

 994.1

 994.0

 '
Adj BV (Rs)

 174.2

 151.7

 '

 174.2

 151.7

 '

 156.6

 129.1

 '

* EPS and Adj BV are calculated on diluted equity as given for each year. Face Value: Rs 5 , Figures in Rs crore,

Source: Capitaline Corporate Database

'

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