Kotak Mahindra Bank's Q4 net profit grows 33%

Source :IANS
Author :IANS
Last Updated: Mon, May 3rd, 2021, 18:20:50hrs
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Mumbai, May 3 (IANS) Kotak Mahindra Bank on Monday reported a 32.8 per cent increase in its standalone net profit for the January-March quarter on a year-on-year (YoY) basis at Rs 1,682.37 crore.

During the same period of FY20, the bank had reported a standalone net profit of Rs 1,266.60 crore.

Net Interest Income (NII) for Q4FY21 increased to Rs 3,843 crore, from Rs 3,560 crore in Q4FY20, up 8 per cent and for FY21 increased to Rs 15,340 crore, from Rs 13,500 crore in FY20, up 14 per cent. Net Interest Margin (NIM) for Q4FY21 was at 4.39 per cent.

Covid-related provisions as on March 31, 2021, stood at Rs 1,279 crore. In accordance with the Resolution Framework for Covid-19 and MSME announced by the RBI, as on March 31, the Bank has implemented, for certain eligible borrowers, restructuring of Rs 435 crore (0.19 per cent of net advances).

As at March 31,, GNPA was 3.25 per cent & NNPA was 1.21 per cent. As on March 31, 2021, SMA2 outstanding was Rs 110 crore (0.05 per cent of net advances). Credit cost, excluding Covid-19 contingency provisioning, for FY21 was 84 bps of net advances (67 bps for FY20).

Capital adequacy ratio of the Bank as per Basel III, as on March 31, 2021, was 22.3 per cent and Tier I ratio was 21.4 per cent.

It further said that the Board of Directors of the bank has recommended dividend of Rs 0.90 per equity share having face value of Rs 5, for the year ended March 31, 2021, subject to approval of shareholders.

--IANS

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