Kotak Mahindra Bank shares jump 4% as Q2 net advances rise 25% YoY, deposits up 23%
Kotak Mahindra Bank's net advances increased 25% year-on-year to Rs 5.77 lakh crore in Q2 FY27. Total deposits rose more than 23% year-on-year to Rs 6.51 lakh crore during the same period. CASA deposits reached Rs 2.49 lakh crore, reflecting an 11% growth compared to last year. Anup Kumar Saha has been appointed as the new CEO, effective January 1, 2027.
Kotak Mahindra Bank shares surged 4% to their highest level of Rs 431 on the NSE on Tuesday following the private lender's release of its provisional update for Q2 FY27. The update revealed a substantial 25% year-on-year increase in net advances to Rs 5.77 lakh crore. The company's total deposits also rose by over 23% year-over-year to Rs 6.51 lakh crore, with sequential growth of around 14% from the previous quarter.
Deposits included FCNR(B) deposits worth $5.78 billion (around Rs 55,344 crore) and advances against these deposits by the bank's international branches, totaling $1.68 billion (approximately Rs 16,110 crore). The share price gain followed the appointment of Anup Kumar Saha as Managing Director and CEO for a three-year term, effective January 1, 2027, replacing Ashok Vaswani, who declined to seek reappointment.
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