Kotak Mahindra Bank Q4 net profit up 33%



Private sector lender Kotak Mahindra Bank posted a 32.8 per cent jump in its standalone net profit for the quarter ended March 31, 2021 at ₹1,682.37 crore.

Its standalone net profit was ₹1,266.6 crore in the fourth quarter of 2019-20.

For the full fiscal 2020-21, the lender’s standalone net profit increased by 17.11 per cent to ₹6,964.84 crore versus ₹5,947.18 crore in 2019-20.

Its net interest income grew by 7.9 per cent to ₹3,843 crore in the fourth quarter of last fiscal as against 3,560 crore in the same period in the previous fiscal.

Net interest margin was down at 4.39 per cent from 4.72 per cent a year ago.

Other income increased by 30.9 per cent to ₹1,949.53 crore in the January to March 2021 quarter versus ₹1,489.39 crore a year ago.

Provisions increased by 12.6 per cent to ₹1,179.41 crore in the fourth quarter last fiscal as against ₹1,047.47 crore in the corresponding period in the previous fiscal.

The bank did not make any Covid-19 related provisions in the fourth quarter of the fiscal and retained the Covid-19 provision at ₹1,279 crore.

Gross non performing assets increased to ₹7,425.51 crore or 3.25 per cent of gross advances as on March 31, 2021 as against 2.25 per cent a year ago. Net NPAs also rose 1.21 per cent of net advances as on March 31, 2021 versus 0.71 per cent a year ago.



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