In the backdrop of dismal numbers from Axis Bank, Kotak Mahindra Bank’s Q2 numbers came like the right balm to soothe frayed nerves. It posted a steady set of numbers and held its steed in an otherwise falling market.

The Bank posted a standalone net profit of Rs.813 crore, up 43% (YoY), driven mainly on the back of a 19% rise in net interest income, 35% rise in other income (non-interest income) and 38% increase in operating profit at Rs.1440 crore. NIM bettered from 4.3% to 4.47% (YoY).

On a consolidated basis net profit rose 28% at Rs.1202 crore and NII rose 17% at Rs.2664 crore.

The market was happier about the steady asset quality. Gross NPA was at 2.49% v/s 2.5% (QoQ) and net NPA was at 1.2% v/s 1.21%. Provision for bad loans rose 12% (YoY) and 11% (QoQ) at Rs.198 crore.

CASA, which indicates how much of a bank’s total deposits are in current and savings accounts stands healthy at 39% v/s 37.4% in Q1 and 36.2% in previous Q2. Total deposits rose 15.41% from a year ago to Rs.1.39 trillion, while total advances rose 14.41% to Rs.1.54 trillion.

As at 30th Sept 2016, the Bank had 1336 branches across India, with target of 1400 branches before end of 2017.