Tag: Kotak Mahindra Bank shares

Profit falls 7% YoY to Rs 2,032 crore, BFSI News, ET BFSI

Banking & Finance

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NEW DELHI: Kotak Mahindra Bank on Tuesday reported a 7 per cent year-on-year (YoY) fall in standalone net profit at Rs 2,032 crore compared with Rs 2,184 crore posted in the corresponding quarter last year. On a sequential basis, the figure grew 24 per cent over Rs 1,642 crore in the June 2021 quarter.

Net interest income (NII) for the bank rose 3 per cent YoY to Rs 4,021 crore from Rs 3,897 crore in the same quarter last year. Net interest margin (NIM) for the quarter came in at 4.45 per cent, the private lender said in a BSE filing.

Gross non-performing assets (GNPA) ratio stood at 3.19 per cent in the September quarter, which was better than 3.56 per cent in the June quarter, but higher than 2.70 per cent (pro-forma) in the year-ago quarter.

Provisions and contingencies for the quarter fell sequentially to Rs 424 crore from Rs 704 crore in the preceding quarter but was higher than Rs 333 crore in the year-ago quarter.

The bank said total provisions, including specific, standard, COVID-19 related ones, stood at Rs 7,637 crore, nearly 100 per cent of gross NPAs. It included Rs 1,279 crore in Covid-19 provisions, which were not utilised during the first half of the financial year.

Provision coverage ratio stood at 67 per cent as on September 30, the bank said in an exchange filing.

Kotak Mahindra Bank Q2 results: Profit falls 7% YoY to Rs 2,032 crore
Current account deposits grew 32 per cent to Rs 53,280 crore in the September 2021 quarter from Rs 40,454 crore in the year-ago quarter. Savings deposits grew 13 per cent to Rs 1,23,479 crore from Rs 1,08,990 crore YoY.

In accordance with the resolution framework for Covid-19 related stress of individuals and small businesses, announced by RBI, the bank implemented a total restructuring of Rs 495 crore (0.21 per cent of Advances) as at September 30.

Similarly, the bank implemented total MSMEs restructuring of Rs 767 crore (0.33 per cent of advances) as at September 30, the bank said.



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Net profit rises 32% YoY to Rs 1,642 cr; asset quality weakens, BFSI News, ET BFSI

Banking & Finance

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MUMBAI: Kotak Mahindra Bank today reported a 32 per cent year-on-year rise in its net profit to Rs 1,641.9 crore for the quarter ended June, which was below analysts’ expectations.

The private sector lender reported net interest income growth of 6 per cent on-year to Rs 3,942 crore, which was also below analysts’ estimates.

Provisions and contingencies in the quarter declined to Rs 935 crore from Rs 962 crore in the year-ago quarter. However, the lender saw a deterioration in asset quality in the reported quarter.

Kotak Bank’s gross non-performing loans ratio stood at 3.56 per cent in the reported quarter as against 3.25 per cent at the end of the March quarter. Similarly, the net NPA ratio expanded to 1.28 per cent from 1.21 per cent in the previous quarter.


The private sector bank’s net profit in the quarter was largely boosted by a sharp uptick in other income. Other income in the reported quarter jumped to Rs 1,583.03 crore from Rs 773.5 crore in the year-ago quarter.

Covid-related provisions as on June 30 were maintained at Rs 1,279 crore. In accordance with the Resolution Framework for Covid-19 and MSME announced by the RBI, the bank implemented total restructuring of Rs 552 crore as on June 30, Kotak Bank said.


In terms of loan growth, the quarter was tepid for the bank affected by the second wave as well as its conservative approach. Advances in the quarter grew merely 6 per cent on-year, which was lower than many of its peers.

At the same time, the current account-to-savings account ratio of the lender further improved to 60.2 per cent at the end of the June quarter from 56.7 per cent a year ago.

Kotak Bank’s operating performance was sturdy as operating profit jumped 19 per cent year-on-year to Rs 3,121 crore in the reported quarter.



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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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Net profit rises 16% to Rs 1,853.5 crore; NII up 17%, BFSI News, ET BFSI

Banking & Finance

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MUMABI: Kotak Mahindra Bank today reported a net profit of Rs 1,853.5 crore as against Rs 1,595.90 crore, reflecting a growth of 16 per cent on a year-on-year basis.

The lender reported a gross non-performing assets ratio of 2.26 per cent for the reported quarter as against 2.55 per cent in the previous quarter.

Notwithstanding the Supreme Court’s standstill on bad loan recognition, the lender said that the gross NPA ratio would have stood at 3.27 per cent in the December quarter and net NPA ratio would have been at 1.24 per cent.

The lender’s net interest income rose 17 per cent on year to Rs 4,007 crore, while the net interest margin was largely stable on year at 4.51 per cent.

The private sector bank reported a 4.5 per cent sequential growth in advances in the quarter to Rs 2.14 lakh crore, which fared better than most peers who have reported earnings so far. However, on a year-on-year basis the lender’s loan book fell 1.2 per cent reflecting the conservative strategy adopted by the bank since onset COVID-19 pandemic.

Kotak Bank said that its Covid-related provisions stood at Rs 1,279 crore as on December 31, while it has approved restructure of loans under the special recast window provided by the Reserve Bank of India to the tune 0.28 per cent of net advances.

The bank said that proforma net non-performing assets at the end of the December quarter stood at Rs 2,646 crore with provisions worth Rs 2,262 crore held against them.

The lender reported strong operating performance in the quarter as the operating profit jumped 29 per cent year-on-year to Rs 3,083 crore.



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