Kotak Mahindra Bank Q2 revenue up 15.7% to ₹19,900 crore

Kotak Mahindra Bank Limited (NSE: KOTAKBANK)

reported Q2 revenue of ₹19,900 crore, up 15.7% from ₹17,200 crore a year ago. Separately, its October 2026 business update showed net advances up 25% YoY to ₹5.77 lakh crore, with total deposits up 23%. What happened: Revenue rose about ₹2,700 crore YoY. Advances grew faster than revenue, and also faster than deposits. The growth percentages are my own calculation from the figures given. Why it matters: When loans grow 25% and revenue grows 15.7%, income per rupee of loan is falling, or the mix is shifting to lower-yield loans. Advances outgrowing deposits by two percentage points also means the bank is using up its funding cushion. Both points can squeeze margins if deposit costs stay high. My view: The top line is healthy for a large private bank. The balance sheet is growing faster than earnings, though. I have no figures yet for net interest margin, credit costs or profit, and those decide whether this growth is good growth. Until they are out, I see the quarter as solid on volume, unconfirmed on quality. The “revenue” figure here may also be defined differently from net interest income, so I am not comparing it with other banks. What I am watching: net interest margin, provisions and gross NPA in the full results, plus the deposit growth gap versus advances in the next update. Please note that the information shared is intended solely for informational purposes and does not make any investment recommendations.