Kotak Mahindra Bank announced that its customers will continue to enjoy 6% interest rate p.a. on savings account balances above Rs. 1 lakh and up to Rs 1 crore.

The Bank reduced savings rates to 5.5% p.a. for saving bank balances above Rs 1 crore up to Rs 5 crore from 6%. p.a.

Rates on saving balances up to Rs 1 lakh remain at 5% p.a. and above Rs 5 crore remain at 5.5% p.a.

The saving rates are effective from 04 August 2017.

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Net profit of Kotak Mahindra Bank rose 23.01% to Rs 912.73 crore in the quarter ended June 2017 as against Rs 741.97 crore during the previous quarter ended June 2016. Total Operating Income rose 6.13% to Rs 4655.78 crore in the quarter ended June 2017 as against Rs 4386.85 crore during the previous quarter ended June 2016.

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Net profit of Kotak Mahindra Bank rose 26.21% to Rs 1346.82 crore in the quarter ended June 2017 as against Rs 1067.10 crore during the previous quarter ended June 2016. Total Operating Income rose 8.51% to Rs 5935.15 crore in the quarter ended June 2017 as against Rs 5469.73 crore during the previous quarter ended June 2016.

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The result was announced during market hours today, 20 July 2017.

Meanwhile, the S&P BSE Sensex was up 44.45 points, or 0.14% to 32,002.47.

On the BSE, 3.86 lakh shares were traded in the counter so far, compared with average daily volumes of 4.3 lakh shares in the past one quarter. The stock had hit a high of Rs 1,019.40 so far during the day, which is also a record high for the counter. The stock had hit a low of Rs 1,000 so far during the day. The stock hit a 52-week low of Rs 692.40 on 4 January 2017.

The stock had underperformed the market over the past one month till 19 July 2017, gaining 0.47% compared with Sensex's 2.06% rise. The scrip had, however, outperformed the market in past one quarter, rising 13.72% as against Sensex's 8.93% rise. The scrip had also outperformed the market in past one year, gaining 27.94% as against Sensex's 15% rise.

The large-cap bank has equity capital of Rs 951.78 crore. Face value per share is Rs 5.

The bank's gross non-performing assets (NPAs) rose to Rs 3726.62 crore as on 30 June 2017 as against Rs 3578.61 crore as on 31 March 2017 and Rs 3058.81 crore as on 30 June 2016.

The ratio of gross NPAs to gross advances stood at 2.58% as on 30 June 2017 as against 2.59% as on 31 March 2017 and 2.5% as on 30 June 2016.

The ratio of net NPAs to net advances stood at 1.25% as on 30 June 2017 as against 1.26% as on 31 March 2017 and 1.21% as on 30 June 2016.

The bank's provisions and contingencies rose 13.49% to Rs 203.74 crore in Q1 June 2017 over Q1 June 2016.

The bank has total exposure of Rs 236 crore to 4 of 12 accounts identified by the Reserve Bank of India (RBI) for insolvency proceedings.

All the four accounts were inherited from ING Vysya Bank after merger with the bank on 1 April 2015. Kotak Mahindra Bank on its own had no exposure to any of the 12 accounts. The bank said that the provision is well in excess of RBI stipulation.

Net Interest Margin (NIM) was at 4.5% in Q1 June 2017 up from 4.4% in Q1 June 2016.

Kotak Mahindra Bank is one of the leading private sector banks in India.

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