Kotak Mahindra Bank launches first overseas branch at Dubai1 min read . Updated: 23 Oct 2019, 04:34 PM IST
- Kotak can now accept offshore deposits from professional clients based outside the UAE
- As on September 30, 2019, the bank had a network of 1,512 full-fledged branches and 2,429 ATMs
Mumbai: Kotak Mahindra Bank Ltd has launched its first overseas branch at Dubai International Financial Centre (DIFC), the lender said on Wednesday. This is in addition to the banking unit at the International Financial Centre at GIFT City in Gujarat.
With this branch licence, Kotak can now accept offshore deposits from professional clients based outside the UAE; provide, arrange and advise on offshore credit and offer investment advisory services.
The private sector already has a representative office in Dubai through which it promotes products for non-resident Indians (NRI) both on the liabilities and asset front.
As on September 30, 2019, the bank had a network of 1,512 full-fledged branches and 2,429 ATMs.
On Tuesday, Kotak Mahindra Bank reported net profit of ₹1,724 crore during the second quarter of the current financial year, up 51% year-on-year.
Net interest income for Q2FY20 increased to ₹3,350 crore from ₹2,676 crore in Q2 FY19. Net interest margin, a key indicator of a bank's profitability, rose to 4.61% from 4.19% last year. The bank's loan book growth during the quarter slowed to 15% versus a growth of 18% in the last quarter and 21% in the same period a year ago.
However, asset quality weakened in the September quarter with gross non-performing assets (as a percentage of gross advances) rising 13 basis points sequentially to 2.32% and net NPA climbing 12 basis points quarter-on-quarter to 0.85% in Q2.