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Kotak Mahindra Bank goes slow on lending while deposits spike, posts net profit of ₹1,853.5 crore in Q3FY21

Kotak Mahindra Bank

Kotak Mahindra Bank reported a net profit of ₹1,853.5 crore for the third quarter of the current financial, up by 16% year-on-year from ₹1,944 crore in same quarter in the previous year. While the bank has scaled back its lending operations over the last year due to COVID-19 disruptions, its deposit base has grown over the last year, it said in its financial statements. During a media earnings call, the banks management said that the number of special-mention-account had surged loans due to the  recognition of moratorium loans. "We feel comfortable enough to move the foot to acceleration in the secured retail lending space. We are also looking at good lending opportunities in the corporate and small business space. We will continue to remain slow in the retail unsecured segment," said Dipak Gupta, joint managing director, Kotak Mahindra Bank. Digital banking performance Mobile Banking: Transaction volumes up by 73% YoY, transaction value up 40% YoY Internet Banking: 93% increase in leads and 47% increase in site visits for personal loans Deposits: 97% of recurring deposits and 84% fixed deposits booked through digital channels Loans: 200% QoQ growth in home loan sourcing  and 400% QoQ growth in personal loan sourcing Credit cards: 300% YoY growth in credit card sourcing and 73% of all credit cards booked through digital channels UPI: 2.3x QoQ growth in consumer digital payments and 11x QoQ growth in acquiring transactions Operational highlights Total advances of the bank declined marginally a little over ₹2.14 lakh crore in Q3FY21…

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