Kotak Mahindra Bank Shares Rise 4% on Strong Q2 Advances and Deposit Growth

Kotak Mahindra Bank shares jumped over 4% in early trade on Tuesday following the release of strong quarterly business metrics. The private sector lender's net advances increased 24.7% year-on-year to Rs 5.77 lakh crore as of September 30, while total deposits rose 23.2% from the year-ago period to Rs 6.51 lakh crore.

The bank's average net advances during the quarter stood at Rs 5.47 lakh crore, growing 22.1% year-on-year, while average deposits reached Rs 6.06 lakh crore with 18.8% annual growth. Current account savings account deposits climbed to Rs 2.49 lakh crore, up 11.3% year-on-year.

The bank's September 30 balances included foreign currency non-resident deposits worth $5.78 billion under the RBI's swap facility. The figures released are provisional and subject to review by statutory auditors.