Kotak Mahindra Bank Limited reported a 24.7% year-on-year increase in net advances for the quarter ended September 30, 2026, reaching ₹5,77,094 crore. This robust credit growth was accompanied by a 23.2% YoY expansion in total deposits, which stood at ₹6,51,491 crore.

The bank's deposit base saw significant momentum, with Current Account Savings Account (CASA) balances growing 11.3% YoY to ₹2,49,105 crore. On a quarter-on-quarter basis, net advances expanded 12.7%, while total deposits grew 13.7%, indicating sustained demand for credit and liquidity inflows during the period.

Deposit and advance metrics

The following table details the key balance sheet metrics for the quarter ended September 30, 2026, compared to the previous quarter and the corresponding period last year.

What the numbers show

A notable divergence exists between the growth rates of average versus end-of-period (EOP) figures. Average net advances grew 22.1% YoY, while EOP net advances surged 24.7% YoY. Similarly, average CASA balances grew 14.2% YoY, outpacing the 11.3% YoY growth in EOP CASA. This pattern suggests that the bank may have added a substantial volume of advances and deposits towards the very end of the quarter, or that the average base from the prior year was lower relative to the current peak levels, highlighting strong late-quarter activity.

Additionally, the data reveals that FCNR(B) deposits aggregating to $5.78 billion (approximately ₹55,344 crore) are included in the EOP balances. These were converted at the prevailing exchange rate as of September 30, 2026, pursuant to the Reserve Bank of India's swap facility. Correspondingly, advances against these deposits by international branches totaled $1.68 billion (approximately ₹16,110 crore).

The intimation was filed under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The bank noted that these figures are provisional and subject to limited review by its statutory auditors.

Kotak Mahindra Bank announced that the Reserve Bank of India (RBI) has approved the appointment of Anup Kumar Saha as the bank's Managing Director and Chief Executive Officer (MD & CEO). The approval, granted under Section 35B of the Banking Regulation Act, 1949, is effective from January 1, 2027, for a period of three years.

The regulatory nod was communicated via a letter dated September 30, 2026, received by the bank at 5:53 pm IST. The Board of Directors will now initiate further steps to formalize the appointment and seek members' approval as required by listing regulations.

Leadership Transition Details

Saha currently serves as a Whole-time Director (Executive Director) of the bank. He joined Kotak in January 2026 and has since overseen the Retail Bank, Government Business, Data Analytics, and Marketing functions. His appointment marks a significant leadership transition as he prepares to succeed the current MD & CEO, Ashok Vaswani.

C. S. Rajan, Chairman of the Board, welcomed the RBI’s decision, stating that Saha brings extensive experience across banking and financial services. "We look forward to Anup’s leadership in strengthening the franchise and in pursuing sustainable growth," Rajan said.

Ashok Vaswani, the outgoing MD & CEO, noted that Saha has demonstrated a clear understanding of opportunities ahead since joining Kotak. "I am confident that Anup will build on Kotak’s strong foundations, deepen its customer relationships and lead the Bank forward with purpose and discipline," Vaswani stated.

Professional Background and Experience

Anup Kumar Saha brings over 32 years of professional experience, including 25 years in financial services across banking and non-banking financial institutions. His career trajectory includes significant leadership roles at major Indian financial entities.

Prior to joining Kotak, Saha held progressive senior roles at Bajaj Finance Limited (BFL) from October 2017 to January 2026. At BFL, he served as President–Consumer Finance, Deputy CEO, Executive Director, and Deputy Managing Director before becoming MD & CEO. During his tenure as Executive Director, he was responsible for the entire standalone business of BFL.

Before his stint at Bajaj Finance, Saha spent 14 years at ICICI Bank Limited. There, he led businesses and functions spanning Retail Secured Assets, Business Intelligence, Retail and Rural Collections, Credit Cards, and Retail Structured Finance. He also served as a Nominee Director on the boards of TransUnion CIBIL Limited and ICICI Home Finance Limited.

Earlier in his career, Saha worked with GE Capital looking after credit cards, sales, and analytics, and with Bharat Heavy Electricals Limited in production engineering. He holds a B. Tech degree in Engineering from IIT Kharagpur and an MBA from IIM Lucknow.

What the Numbers Show

The appointment highlights a strategic focus on retail and digital leadership. Saha’s background is heavily weighted towards consumer finance and retail banking, evidenced by his previous role overseeing Consumer Finance at Bajaj Finance and Retail Secured Assets at ICICI Bank. This aligns with Kotak’s current operational structure where Saha already oversees the Retail Bank and Data Analytics functions. The transition from an internal Whole-time Director who has been with the bank for less than a year suggests a planned succession strategy aimed at continuity in retail-led growth initiatives.