Kotak Mahindra Bank introduces super offers on Apple products for cardholdersThe cardholders can avail a maximum cashback of Rs 10,000 on Apple products while no cost EMIs are available for up to 12 months on select products
Kotak Mahindra Bank gains as its arm acquires passenger vehicle finance portfolio of FCIPLThe acquisition gives Kotak Prime access to over 16,000 high-quality customers with a total loan outstanding of Rs 425 crore
Kotak Mahindra Bankas arm acquires passenger vehicle finance portfolio of FCIPLThe acquisition gives Kotak Prime access to over 16,000 high-quality customers with a total loan outstanding of Rs 425 crore
Kotak Mahindra Bankas arm enters into definitive agreement with Entroq TechnologiesThe company has entered into a definitive agreement for acquiring 7.50% in the total share capital of ETPL
Kotak Mahindra Bank inches up on launching travel credit card aKa-chinga with IndiGoDesigned for those who love to travel, Ka-ching empowers customers to spend anywhere and redeem rewards for free IndiGo air tickets
Kotak Mahindra Bank, IndiGo launch travel credit card aKa-chingaDesigned for those who love to travel, Ka-ching empowers customers to spend anywhere and redeem rewards for free IndiGo air tickets
Kotak Mahindra Bank zooms on planning to raise funds through various modesA meeting of the Board of Directors of Kotak Mahindra Bank is scheduled to be held on December 10/11, 2021 to, inter alia, consider the same
Kotak Mahindra Bank planning to raise funds through various modesA meeting of the Board of Directors of Kotak Mahindra Bank is scheduled to be held on December 10/11, 2021 to, inter alia, consider the same
LIC to raise stake in Kotak Mahindra BankThe hike in stake by LIC is subject to RBI's master directions on prior approval for acquisition of shares or voting rights in private sector banks and on ownership in private sector banks
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Kotak Mahindra Bank is a prominent player in the segment of private lenders in India, with a total asset of Rs 4.79 lakh crore. In a list published by Forbes in June 2021, ranking all domestic and international banks in India, Kotak Mahindra Bank featured in the fifth position. It is one of the fastest-growing private sectors banks in India.
Kotak Mahindra Bank is the flagship of the group. It primarily offers retail and wholesale customers banking, treasury services, and corporate banking. Besides, it offers transaction banking, while their lending vertical manages IPOs and provides working capital financing services.
Company background and profile
Kotak Mahindra Bank was formed in 1985 as Kotak Mahindra Finance Ltd. and primarily functioned as a financing company.
In February 2003, Kotak Mahindra Finance Ltd. (KMFL) became the first non-banking finance company to obtain a permit to operate as a commercial bank from RBI.
They offer complete banking solutions, lending facilities, and investment products like mutual funds, life insurance solutions, retailing of gold bars, and more.
Kotak Mahindra Bank covers PAN India with 323 branches holding accounts of 2.7 million customers. They have a powerful presence in tier-II and III cities as well as rural India. In 2008, Kotak Mahindra Bank opened a representative office in Dubai. Their overseas subsidiary offices in Mauritius, London, Dubai, Singapore, San Francisco, and New York are primarily engaged in investment advisory and management services.
Company financials and performance
- Kotak Mahindra Bank reported a 7% decline in their year-on-year profit during the quarter concluded on September 30, 2021
- Q2 FY22 profit stood at Rs 2,032 crore against Rs 2,184.5 crore in last year
- However, the bank recorded an improvement in its asset quality during the reported period
- Net interest income (NII) rose 3% to Rs 4,020.6 crore from Rs 3,897 during the same time last year
- Its gross non-performing assets stood at 3.19% in Q2 FY22 against 3.56% in June 2021, and net NPA improved by 1.06% against 1.28% on a sequential basis
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