Kotak Mahindra consolidated net profit for Q2FY26 drops by 11%

MUMBAI: Kotak Mahindra Bank reported an 11% drop in consolidated net profit for Q2FY26 following higher provisions, even as credit and deposit growth continued. The bank's CEO, Ashok Vaswani, was non-committal on media reports that Kotak Bank was showing interest in acquiring IDBI Bank and had conducted due diligence.

"We cannot and should not be commenting on any items that could or could not be in process.

" Vaswani said it was the bank's goal to scale, and it would look at both organic and inorganic options. "We evaluate all opportunities based on strategic fit and the impact on management bandwidth, as we are also growing the business organically. If the net outcome is positive, we assess valuations and financials. If both strategic and valuation criteria are met, we proceed," he said. Consolidated profit after tax fell to Rs 4,468 crore from Rs 5,044 crore in Q2FY25. Consolidated assets under management rose 12% to Rs 760,598 crore, and customer assets increased 13% to Rs 576,339 crore. Book value per share rose 14% to Rs 844. The standalone bank reported a 3% decline in net profit to Rs 3,253 crore from Rs 3,344 crore a year earlier. "Credit costs have come down from 93 basis points to 79 basis points in line with our expectations.

.. ," said Vaswani.