Kotak reports 65% jump in net profit at ₹2,767 cr in Q4
NEW DELHI: Kotak Mahindra Bank on Wednesday posted a 65% jump in standalone net profit at ₹2,767.40 crore in the three months ended March 2022.
The private sector lender had reported a net profit of ₹1,682.37 crore in the same quarter of the previous fiscal year.
The bank’s total income on a standalone basis during the latest January-March quarter rose to ₹8,892.26 crore as against ₹7,953.12 crore in the year-ago period, according to a regulatory filing.
For FY22, the lender recorded a 23.1% rise in net profit at ₹8,572.69 crore compared to ₹6,964.84 crore in the same period a year ago.
The total income grew to ₹33,393.17 crore from ₹31,846.79 crore during the same period.
On the asset quality front, the gross non-performing assets (NPAs) fell to 2.34% of the gross advances as of March 2022 from 3.25% as on March 2021.
In value terms, the gross NPAs were ₹6,469.74 crore as against ₹7,425.51 crore. The net NPAs also declined to 0.64% (₹1,736.71 crore) from 1.21% (₹2,705.17 crore).
On a consolidated basis, the net profit of the lender increased 50.3% to ₹3,891.82 crore in the fourth quarter of last fiscal. In the year-ago period, this figure for the lender was ₹2,589.32 crore.
The consolidated total income rose to ₹16,794.19 crore in the three months ended March from ₹15,725.03 crore in the same period a year ago.
Kotak Mahindra Bank’s board has recommended a dividend of ₹1.10 per equity share, out of the net profits for the year ended March 31, 2022, subject to the approval of the members at the ensuing Annual General Meeting of the bank.
Shares of the lender rose nearly 2% to ₹1,807.70 in afternoon trade on the BSE.