Kotak Mahindra Q4 profit rises 36%
NEW DELHI: Kotak Mahindra Bank on Monday reported a 36% jump in consolidated net profit to ₹2,589 crore for the fourth quarter ended March 2021. The private sector lender had clocked a profit of ₹1,905 crore in the same quarter of the previous financial year.
The total income rose to ₹16,175.87 crore during the fourth quarter from ₹12,084.71 crore in the year-ago period, the bank said in a statement.
During the quarter, the standalone profit also increased by 33% to ₹1,682 crore as compared to ₹1,267 crore in the same period a year ago.
On a standalone basis, the total income grew to ₹8,398.39 crore as against ₹8,294.07 crore in the year-ago quarter.
The net interest income (NII) increased by 8% to ₹3,843 crore from ₹3,560 crore in the same period a year ago. Driven by a surge in bottomline, the board has also recommended a dividend of ₹0.90 paise per share of the face value of ₹5 each, out of the net profit for the year ended March 31, 2021.
Its gross non-performing assets (NPAs) or bad loans were 3.22% of the gross loans as of
March 31, 2021, slightly up from 2.25% at the March-end 2020.
Even the net NPAs registered a marginal increase at 1.23% from 0.71% a year ago.
During the quarter, the bank allocated ₹1,279 as Covid-19 related provisions, it said.
In accordance with the Resolution Framework for Covid-19 and MSME announced by the RBI, as of March 31, 2021, the bank has implemented, for certain eligible borrowers, a restructuring of ₹435 crore (0.19% of net advances).
On the Covid-19 impact, it said, the bank continues to closely monitor the situation and in response to this health crisis it has implemented protocols and processes to execute the business continuity plans and help protect its employees and support its clients.