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ICICI Bank, Kotak Mahindra Bank, Yes Bank in focus after Q2 numbers As on : 23-Oct-23  08:58

ICICI Bank: The private lender's standalone net profit increased 35.77% to Rs 10,261 crore on 30.91% jump in total income to Rs 40,697.07 crore in Q2 FY24 over Q2 FY23. Net interest income (NII) increased by 23.81% year on year (YoY) to Rs 18,308 crore in Q2 FY24 from Rs 14,787 crore posted in Q2 FY23. Net interest margin improved to 4.53% in Q2 FY24 as compared to 4.31% recorded in the corresponding quarter previous year.

Kotak Mahindra Bank: The private sector lender's net profit rose 23.63% to Rs 3,191 on 24.22% increase in net total income to Rs 8,611 crore in Q2 September 2023 over Q2 September 2022. Net Interest Income (NII) for Q2FY24 increased to Rs 6,297 crore, from Rs 5,099 crore in Q2FY23, up 23% YoY. Net Interest Margin (NIM) was 5.22% for Q2FY24, higher than 5.15% in Q2FY23.

Yes Bank: The private lender's standalone net profit jumped 47.37% to Rs 225.21 crore on 24.76% increase in total income to Rs 7,920.68 crore in Q2 FY24 over Q2 FY23. Net interest income (NII) stood at Rs 1,925 crore for Q2FY24, registering a de-growth of 3.3% year on year (YoY). Net interest margin (NIM) for Q2 FY24 was at 2.3% down nearly 30 bps as compared to 2.6% reported in Q2 FY23.

RBL Bank: The private lender reported grew 46% in standalone net profit to Rs 294 crore in Q2 FY24 from Rs 202 crore in Q2 FY23. Profit before tax in Q2 FY24 stood at Rs 90.63 crore, down 66.53% as against Rs 270.85 crore in Q2 FY23.

During the quarter ended 30 September 2023, the bank received income tax orders relating to matter under appeal resulting in write-back of tax provision for earlier years of Rs 222.92 crore (pre-tax of Rs 297.89 crore). The bank has used this amount to build contingent buffers of 100bps created on credit card & microfinance advances to prudently build reserves and strengthen the balance sheet; amounting to Rs 252 crore.

The bank's total income climbed 29.40% YoY to Rs 3712.39 crore during the quarter. Net interest income grew 26% to Rs 1,475 crore in the second quarter of FY24. NIM was 5.54% vs 5.02% for Q2 FY23.

Graphite India: The graphite electrodes producer is acquiring 31% stake Godi India (GIPL) for a consideration value of Rs 50 crore. Godi India is engaged in research and development of advanced battery technologies, with high energy and power densities (li-ion batteries, na-ion batteries, all solid-state batteries) by using environmentally friendly electrode making processes for a variety of applications across automobiles, consumer electronics, renewable energy storage, and strategic sectors. It has also developed supercapacitors for a wide range of applications.

Samvardhana Motherson International: The company announced a series of acquisitions to strengthen its aerospace, health, and medical businesses on Friday. The company, via its subsidiary, has entered into an agreement to acquire 100% stake in French company, SSCP Aero Topco SAS. The board of the company has also approved the acquisition of 73.05% stake in Irillic., and another 100% stake in Samvardhana Motherson Adsys Tech from Motherson Auto to make it the company's wholly-owned subsidiary.

Entertainment Network (India) (ENIL): ENIL's board approved the execution of a business transfer agreement (BTA) with Gamma Gaana for acquiring its music licensing business 'Gaana'. The acquisition will be done on a going concern basis through a slump sale. The size of the agreement is not expected to exceed Rs 25 lakh. Gamma Gaana is engaged in the business of licensing music audio content and hosting and streaming such music audio content in different languages through applications dedicated to online music streaming under the name 'Gaana'.

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