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Kotak Mahindra Bank conducted a conference call on 19 October 2024 to discuss its financial results for the quarter ended September 2024. Ashok Vaswani, MD&CEO of the bank addressed the call:
Highlights:
The quarter ended September 2024 witnessed the full impact of RBI embargo. However, 3 out of 4 engines of the bank have grown at a more than 50% pace in Q2 with capital markets net profit rising 52%, asset management 58%, insurance 50% while the bank grew at a slower pace of 5%.
The bank has recorded strong 16% growth in deposits, while customer assets also increased at 18% end September 2024.
The asset growth is driven by the secured landing, while the commercial banking growth was moderate on account of slow growth in the commercial vehicle and tractors segment due to industry related issues. The embargo on credit card business and low disbursements in the microfinance segment also impact the loan growth.
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