Billionaire Uday Kotak, who leads private sector Kotak Mahindra Bank (KMB), on Saturday urged banks, to “build a fortress of resilience “and make financial stability the core of their banking function. The bank is yet to announce a successor to Uday Kotak. KMB’s net profit for FY23 rose 28 percent year-on-year to Rs 10,939 crore from Rs 8,573 crore in FY22. Net interest income (NII) for FY23 also rose 28 percent to Rs 21,552 crore, from Rs 16,818 crore in FY22. Uday Kotak said it is KMB’s capitalisation which will keep the bank well-muscled to stay financially strong and continue to grow, both organically and inorganically.

Source: Forbes April 30, 2023 06:28 UTC