Kotak Mahindra bank reports improved profitability, income growth and asset quality for FY23
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. Explaining that the financial world was going through a tough period, Kotak said “it is extremely important for banks to be strong. They must protect the interests of shareholders and depositors, both are interconnected. If there is a problem with one, it quickly translates from one to the other.”
At least four US-based banks and Swiss giant Credit Suisse have collapsed in 2023 and in some cases needed to be rescued through bailouts. The collapse of these banks and inflationary pressures continue to raise concerns of a global slowdown and a shallow recession for the US economy later in 2023.