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Private sector lender Kotak Mahindra Bank reported a 27 per cent increase in its standalone net profit to ₹2,184 crore from ₹1,724 crore in the second quarter this fiscal.
Total income increased by 3.8 per cent to ₹8,288.08 crore in the July to September 2020 quarter from ₹7.986.01 crore a year ago.
Net interest income for the quarter ended September 30, 2020 increased 17 per cent to ₹3,913 crore, from ₹3,350 crore a year ago. Net interest margin for the second quarter was at 4.52 per cent.
Total provisions declined to ₹368.59 crore in the second quarter of the fiscal from ₹407.93 crore a year ago.
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‘The right sectors to invest in India now include digital, e-commerce, technology, pharmaceutical, and consumers’Covid-related provisions as at September 30, 2020 stood at ₹1,279 crore or 0.62 per cent of net advances, Kotak Mahindra Bank said in a statement on Monday.
As on September 30, 2020, gross non-performing assets (NPAs) was ₹5,335.95 crore or 2.55 per cent of gross advances, against 2.7 per cent as on June 30, 2020 and 2.32 per cent a year ago.
Net NPAs were at 0.64 per cent of net advances versus 0.85 per cent on September 30, 2019.
“The bank has not recognised any NPAs since August 31, 2020, in line with the interim order of the Supreme Court,” it said, adding that if the said Order was not given effect to, the GNPA would have been 2.7 per cent and net NPA 0.74 per cent. The bank has, however, made provision for such advances.
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