Kotak 4th quarter profit up 27% to ₹1,789 cr
Private sector lender Kotak Mahindra Bank on Monday posted a rise of 27% in consolidated net profit at ₹1,789.24 crore for the quarter ended March 31. The bank had registered a net profit of ₹1,404.34 crore in the January-March quarter of the previous financial year (2016-17).
Total income (consolidated) grew to ₹10,874.12 crore as against ₹9,953.57 crore in the year-ago period, the bank said in a regulatory filing. In entire 2017-18, the net profit was up 26% to ₹6,201 crore from ₹4,940 crore in 2016-17.
Income in the full year grew to ₹38,723.67 crore from ₹33,905.44 crore. Bank’s asset quality improved as the gross non-performing assets (NPAs) came down to 1.95% of the gross advances as on March 31, 2018 from 2.25% by the end of 2016-17.
In value terms, gross NPAs were ₹4,071.04 crore of the gross advances as compared to ₹3,803.92 crore earlier. Net NPAs were 0.86% (₹1 768.60 crore) as against 1.09% (₹1,814.23 crore).
However, provisions for bad loans and contingencies were raised to ₹313.37 crore in the reported quarter from ₹299.61 crore in the year-ago period.
Kotak Mahindra Bank said its board of directors in a meeting on Monday recommended dividend of ₹0.70 paise per share.
Net Interest Income (NII) for 2017-18 increased to ₹9,532 crore from ₹8,126 crore in 2016-17, up 17%.
During the quarter, Net Interest Income went up 19% to ₹2,580 crore from ₹2,161 crore in the year-ago period.
Net Interest Margin (NIM) for the quarter under review stood at 4.35% as against 4.63% in the same quarter of 2016-17.
Advances as on March 31, 2018 were up 25% to ₹1,69,718 crore as compared to ₹1,36,082 crore as on March 31, 2017.
Mortgage lender HDFC on Monday reported 28.63% rise in consolidated net profit at ₹3,961.17 crore for the quarter ended March 31, 2018. The company had registered a net profit of ₹3,079.33 crore in the January-March quarter of the previous financial year (2016-17).
Total income during the quarter grew 17.78% to ₹21,248.79 crore as against ₹18,040.59 crore in the year-ago period, HDFC said in a regulatory filing.
In the entire 2017-18, the net profit was up 47% to ₹16,254.96 crore from ₹11,051.12 crore in 2016-17.
Total income grew 13.14% to ₹9,633.89 crore as against ₹8,514.51 crore in year-ago period. Total income in the full financial year grew to ₹69,141.67 crore from ₹61,087.63 crore in 2016-17. PTI
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