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Home›Gross substitutes›Kotak Mahindra Bank Q1 Results: Profit jumps 26% YoY to Rs 2,071 crore, NII up 19%

Kotak Mahindra Bank Q1 Results: Profit jumps 26% YoY to Rs 2,071 crore, NII up 19%

By Brian Baize
July 23, 2022
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NEW DELHI: Kotak Mahindra Bank on Saturday reported a 26% year-on-year (YoY) increase in profit after tax (PAT) to Rs 2,071 crore from Rs 1,642 crore in the same quarter last year.

The bank said its net interest income (NII) rose 19% year-on-year to Rs 4,697 crore from Rs 3,942 crore in the same quarter last year. Net interest margin (NIM) for the quarter was 4.92%.

The Covid-related provisions stood at Rs 482 crore. In line with the Covid resolution framework announced by RBI, the bank had a standard restructured funds outstanding of Rs 379 crore representing 0.14% of advances.

Under the MSME resolution framework, the bank has a standard restructured funds outstanding of Rs 697 crore, or 0.25% of advances, as of June 30. As of June 30, gross non-performing assets were 2.24% and net NPA was 0.62%.

The cost of credit on advances for Q1FY23 was 16 basis points (annualized) (excluding COVID and restructuring provision/reversal). The provision coverage ratio stood at 72.6%, the bank said in a BSE filing.

Client assets, which include advances and credit substitutes, increased by 29% to Rs 3,03,629 crore from Rs 2,35,340 crore as of June 30. Overall, advances jumped 29% to Rs 2,80,171 crore as of June 30 from Rs 2,17,447 crore in the prior year quarter. The CASA ratio for the quarter was 58.1%.

Average current deposits rose 19% to Rs 55,081 crore for the quarter from Rs 46,341 crore in the prior year quarter.

Meanwhile, on a consolidated basis, PAT increased by 53% to Rs 2,755 crore from Rs 1,806 crore in the same quarter last year.

Kotak BankAgencies

Highlights of Kotak Mahindra Bank’s first quarter results.

Here’s how the bank’s subsidiaries fared during the quarter:

Screenshot

Kotak Mahindra Bank first quarter consolidated figures.

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