Kotak Mahindra Bank customer deposits jump 20% in FY20 at Rs 2.58 lakh cr; net advances in FY20 moved up 6.7% to Rs 2.19 lakh cr

Mumbai: Kotak Mahindra Bank said on Monday its customer deposits jumped 19.6 percent in the financial year 2019-20 to Rs 2.58 lakh crore from Rs 2.16 lakh crore year-on-year.

At the end of Q3 FY20, customer deposits were Rs 2.31 lakh crore. Current deposits totalled Rs 43,000 crore in FY20, up 10.5 percent from Rs 38,901 crore a year ago.

Savings deposits moved up dramatically to Rs 1.04 lakh crore, up 31.3 percent from Rs 79,685 crore in the same period.

At the end of Q3 FY20, savings deposits stood at Rs 91,729 crore.

The CASA (current account saving account) ratio changed from 52.5 percent in FY19 to 56.2 percent in FY20.

On the other hand, net advances in FY20 moved up 6.7 percent to Rs 2.19 lakh crore from Rs 2.05 lakh crore in FY19 and Rs 2.16 lakh crore at the end of the third quarter ended December 2019.

The private sector lender had reported a standalone profit after tax of Rs 1,596 crore during the third quarter of the previous financial year (Q3 FY20), up 24 percent on a year-on-year basis.