Money & Banking

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

Our Bureau Mumbai | Updated on July 26, 2021

Net interest income increased by 5.8 per cent to Rs 3,942 crore in the first quarter

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.

 

Published on July 26, 2021

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