Kotak Mahindra Bank Q3 results: Net profit rises 16% to Rs 1,853.5 crore; NII up 17%

Kotak Mahindra Bank Q3 results: Net profit rises 16% to Rs 1,853.5 crore; NII up 17%

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.

Source link


Please enter your comment!
Please enter your name here