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…
- Attend Our Briefing: Impact of Google’s changes to Android and Play Store January 31, 2023
- Why is Andhra government pushing facial recognition attendance on all its workers? January 31, 2023
- Karthik Rai On Developing an Interoperability Framework for India | Meta India Tech Scholars 2021-22 January 31, 2023
- Indian Telecom Watchdog issues consultation paper on regulating converged digital technologies and services January 31, 2023
- “But With Power, Comes Great Responsibility”: A tech policy poem brought to you by ChatGPT January 31, 2023
MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.
India's smartphone operating system BharOS has received much buzz in the media lately, but does it really merit this attention?
After using the Mapples app as his default navigation app for a week, Sarvesh draws a comparison between Google Maps and Mapples
The regulatory ambivalence around an instrument so essential to facilitate data exchange – the CM framework – is disconcerting for several reasons.
The provisions around grievance redressal in the Data Protection Bill "stands to be dangerously sparse and nugatory on various counts."
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
Twitter takes down tweets from MP, MLA, editor criticising handling of pandemic upon government request
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...