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( As on 03/05/2021 13:50)

Kotak Mahindra Bank Q4 net profit up 32.83% at Rs 1682.37 cr

The bank reported standalone net profit of Rs 1,682.37 crore for the quarter ended March 31, 2021 as compared to Rs 1266.60 crore in the same period last year, registering a year-on-yearÿgrowthÿof 32.83 per cent.

Interest income of the bank declined by 5.23 per cent at Rs 6448.86 crore for the quarter ended March 31, 2021 as against Rs 6804.68 crore in the corresponding period last year.

During the January-March quarter, total income rose marginally by 1.26 per cent to Rs 8,398.39 crore from Rs 8,294.07 crore in the year ago period.

Meanwhile, operating expenses dropped by 10.38 per cent to Rs 4,990.90 crore from Rs 5,568.79 crore in the same period last year.

Operating profit surged 25.03 per cent to Rs 3,407.49 crore from Rs. 2,725.28 crore.

Provisions and Contingencies surged by 12.60 per cent at Rs 1,179.41 crore from Rs 1,047.47 crore a year ago.

NII, the difference between interest earned on loans and interest paid on deposits, increased by 7.95 per cent at Rs 3,842.81 crore versus Rs 3,559.65 crore in the year ago period. Non-interest income rose 30.89 per cent year-on-year to Rs 1,949.53 crore.

On the asset side, gross non- performing assets (NPAs)ÿroseÿto 3.25 per cent of the gross advances as at the end of March 31, 2021 from a level of 2.25 per cent year earlier. Its net NPAs or bad loans tooÿincreasedÿto 1.21 per cent of net advances on March 31, 2021 from 0.71 per cent a year ago.