Tag: kotak mahindra bank results

Kotak Mahindra Bank Q1 net profit up 32% at Rs 1,642 crore

Banking & Finance

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Kotak Mahindra Bank reported a 31.9 per cent jump in its standalone net profit for the quarter ended June 30, 2021 at Rs 1,641.92 crore, compared to Rs 1,244.45 crore in the same period in the last fiscal.

Its total income grew by 4.9 per cent to Rs 8,062.81 crore for the first quarter of the fiscal from Rs 7,685.4 crore a year ago.

Net interest income increased by 5.8 per cent to Rs 3,942 crore in the first quarter as against Rs 3,724 crore in the corresponding quarter in 2020-21.

The net interest margin for the first quarter was 4.6 per cent versus 4.4 per cent a year ago.

Other income more than doubled to Rs 1,583.03 crore in the April to June 2021 quarter, as against Rs 773.54 crore a year ago.

Provisions declined marginally to Rs 934.77 crore in the first quarter of the fiscal from Rs 962.01 crore a year ago.

“Covid related provisions as at June 30, 2021 were maintained at Rs 1,279 crore,” the bank said in a statement on Monday.

In accordance with the Resolution Framework for Covid-19 and MSME announced by RBI, the bank has implemented total restructuring of Rs 552 crore as of June 30, 2021.

The asset quality has deteriorated. Gross non-peorming assets rose to Rs 7931.77 crore or 3.56 per cent of gross advances as on June 30, 2021 compared to 2.7 per cent a year ago.

Net NPAs were also elevated at 1.28 per cent of net advances as against 0.87 per cent as on June 30, 2020.

 

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Net profit rises 33% YoY, below estimates; asset quality improves, BFSI News, ET BFSI

Banking & Finance

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MUMBAI: Kotak Mahindra Bank on Monday reported a 33 per cent year-on-year rise in net profit to Rs. 1,682 crore for the quarter ended March, missing analysts’ estimates by a wide margin. Sequentially, the lender’s net profit fell on account of a rise in provisions.

The lender reported 8 per cent on-year growth in net interest income to Rs. 3,843 crore for the quarter, which was also below Street’s estimate.

The private sector lender reported a slight improvement in asset quality as gross non-performing assets ratio stood at 3.25 per cent for the quarter compared with 3.27 per cent in the previous quarter on a proforma basis. Similarly, the net NPA ratio fell to 1.21 per cent, from 1.24 per cent in the previous quarter.

The lender has accounted for all the non-performing loans that were not recognised in previous quarters due to the Supreme Court’s standstill on reporting of bad loans till August 31.

Till December 31, with respect to cases not considered NPAs, the bank had considered a full hit for provisions and income as provisions for advances. After the Supreme Court’s order, the bank retrospectively reversed income and consequently adjusted provisions and contingencies, Kotak Mahindra Bank said in an exchange filing.

The private sector lender said that it has retained Covid-19 related provisions at Rs. 1,279 crore at the end of the quarter.

Kotak Bank reported mere 2 per cent growth in loans for the quarter ended March to Rs 2.23 lakh crore, reflecting the impact of the management’s conservative approach adopted since the beginning of the Covid-19 pandemic.

Kotak Bank’s net interest margin stood at 4.39 per cent in the quarter, lower than 4.72 per cent in the year-ago period.

Kotak Bank’s operating performance was firm as operating profit rose 25 per cent on a year-on-year basis to Rs. 3,407 crore.

The lender’s provisions and contingencies at the end of the quarter stood at Rs. 1,179 crore, which was higher than the Rs. 1,047 crore reported a year ago. On a sequential basis, the metric more than doubled from Rs. 419 crore.

The bank also declared a final dividend of 90 paise per share.



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