Bengaluru, Karnataka, 24th of January, 2026 : The Board of Directors of Kotak Mahindra Bank (“the Bank”) approved the unaudited standalone and consolidated results for the quarter and nine-months ended December 31, 2025, at the Board meeting held in Hyderabad, today.
Consolidated results at a glance
Consolidated PAT for Q3FY26 stood at ₹ 4,924 crore, up 5% YoY from ₹ 4,701 crore in Q3FY25 (up 10% QoQ from ₹ 4,468 crore in Q2FY26). Q3FY26 consolidated PAT includes estimated incremental cost of ₹ 98 crore (post tax) pursuant to new Labour Code.
PAT of Bank and key subsidiaries given below:
| PAT (₹ crore) | Q3FY26 | Q3FY25 | Q2FY26 |
| Kotak Mahindra Bank | 3,446 | 3,305 | 3,253 |
| Kotak Securities | 431 | 448 | 345 |
| Kotak Asset Management & Trustee Company | 315 | 240 | 258 |
| Kotak Mahindra Prime | 250 | 218 | 246 |
| Kotak Mahindra Life Insurance | 162 | 164 | 49 |
| Kotak Mahindra Capital Company | 98 | 94 | 60 |
| Kotak Mahindra Investments | 87 | 107 | 120 |
| Kotak Alternate Asset Managers | 75 | 10 | 104 |
Consolidated Customer Assets which comprise Advances (incl. IBPC & BRDS) and Credit Substitutes grew to ₹ 598,780 crore as at December 31, 2025, up 15% YoY from ₹ 519,126 crore as at December 31, 2024.
Total Customer Assets Under Management as at December 31, 2025 grew to ₹ 787,950 crore, up 15% YoY from ₹ 685,134 crore as at December 31, 2024. The total Domestic MF AUM increased by 20% YoY to ₹ 586,610 crore as at December 31, 2025.
Consolidated Networth as at December 31, 2025 was ₹ 175,251 crore. The Book Value per Share increased to ₹ 176 as at December 31, 2025, up 15% YoY from ₹ 154 as at December 31, 2024 (computed based on subdivision of 1 equity share of face value of ₹ 5 each into 5 equity shares of ₹ 1 each with effect from 14th January, 2026).
At the consolidated level, Return on Assets (ROA) for Q3FY26 (annualized) was 2.10%. Return on Equity (ROE) for Q3FY26 (annualized) was 11.39%.
Consolidated Capital Adequacy Ratio as per Basel III as at December 31, 2025 was 23.3% and CET I ratio was 22.4% (including unaudited profits).
Average Liqudity Coverage Ratio stood at 135% for Q3FY26.
Kotak Mahindra Bank standalone results
Net Advances increased 16% YoY to ₹ 480,673 crore as at December 31, 2025 from ₹ 413,839 crore as at December 31, 2024. Customer Assets which comprise Advances (incl. IBPC & BRDS) and Credit Substitutes grew to ₹ 529,455 crore as at December 31, 2025, up 15% YoY from ₹ 459,436 crore as at December 31, 2024
Total period-end Deposits grew to ₹ 542,638 crore for Q3FY26, up 15% YoY from ₹ 473,497 crore for Q3FY25.
Average Total Deposits grew to ₹ 526,025 crore for Q3FY26, up 15% YoY from ₹ 458,614 crore for Q3FY25. Average Current Deposits grew to ₹ 75,596 crore for Q3FY26, up 14% YoY from ₹ 66,589 crore for Q3FY25. Average Fixed rate Savings Deposits grew to ₹ 118,505 crore for Q3FY26, up 12% YoY from ₹ 105,682 crore for Q3FY25.
Average Term Deposits grew to ₹ 318,070 crore for Q3FY26, up 19% YoY from ₹ 267,743 crore for Q3FY25.
CASA ratio as at December 31, 2025 stood at 41.3%.
Cost of funds was 4.54% for Q3FY26 (5.06% for Q3FY25 and 4.70% for Q2FY26).
Credit to Deposit ratio as at December 31, 2025 stood at 88.6%.
Customers as on December 31, 2025 were 5.1 crore.
Net Interest Income (NII) for Q3FY26 increased to ₹ 7,565 crore, up 5% YoY from ₹ 7,196 crore in Q3FY25 (up 3% QoQ from ₹ 7,311 crore in Q2FY26).
Net Interest Margin (NIM) was 4.54% for Q3FY26 (4.93% for Q3FY25 and 4.54% for Q2FY26).
Fees and services for Q3FY26 increased to ₹ 2,549 crore, up 8% YoY from ₹ 2,362 crore in Q3FY25 (up 6% QoQ from ₹ 2,415 crore in Q2FY26).
Operating expenses for Q3FY26 increased to ₹ 5,023 crore, up 8% YoY from ₹ 4,638 crore in Q3FY25 (up 8% QoQ from ₹ 4,632 crore in Q2FY26). Q3FY26 operating expenses include an estimated incremental cost of ₹ 96 crore pursuant to new Labour Code. Excluding the impact of incremental cost due to new Labour Code, operating expenses for Q3FY26 were ₹ 4,927 crore, up 6% YoY (up 6% QoQ). Cost to income was 48.3% for Q3FY26 which excluding the impact of incremental cost pursuant to new Labour Code was 47.4% for Q3FY26.
Operating profit for Q3FY26 increased to ₹ 5,380 crore, up 4% YoY from ₹ 5,181 crore in Q3FY25 (up 2% QoQ from ₹ 5,268 crore in Q2FY26).
Provisions for Q3FY26 was ₹ 810 crore (₹ 794 crore in Q3FY25 and ₹ 947 crore in Q2FY26). Credit cost (annualised) for Q3FY26 stood at 0.63% (0.68% for Q3FY25 and 0.79% for Q2FY26).
The Bank’s PAT for Q3FY26 increased to ₹ 3,446 crore, up 4% YoY from ₹ 3,305 crore in Q3FY25 (up 6% QoQ from ₹ 3,253 crore in Q2FY26).
As at December 31, 2025, GNPA was 1.30% & NNPA was 0.31% (GNPA was 1.50% & NNPA was 0.41% at December 31, 2024). As at December 31, 2025, Provision Coverage Ratio stood at 76%.
Standalone Return on Assets (ROA) for Q3FY26 (annualized) was 1.89%. Return on Equity (ROE) for Q3FY26 (annualised) was 10.68%.
Capital Adequacy Ratio of the Bank, as per Basel III, as at December 31, 2025 was 22.6% and CET1 ratio of 21.5% (including unaudited profits).
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