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Kotak Mahindra Bank's Q1 standalone profit jumps 32% YoY, NII rises 6% YoY

Operating profit for the quarter came in at Rs 3,121 crore, up 19 percent YoY against Rs 2,624 crore in Q1FY21.

July 26, 2021 / 02:58 PM IST
Average savings deposits grew by 10 percent to Rs 1,16,218 crore for Q1FY22 compared to Rs 1,05,673 crore for Q1FY21. (Representative image)

Average savings deposits grew by 10 percent to Rs 1,16,218 crore for Q1FY22 compared to Rs 1,05,673 crore for Q1FY21. (Representative image)

Kotak Mahindra Bank on July 26 reported a 32 percent year-on-year (YoY) jump in standalone Q1FY22 net profit at Rs 1,641.92 crore against Rs 1,244.45 crore in Q1FY21.

The number was slightly above a CNBC-TV18 poll of analysts which had estimated the bank's Q1 profit at Rs 1,595.5 crore for the quarter.

Net interest income (NII) for Q1FY22 increased 6 percent YoY to Rs 3,942 crore, from Rs 3,724 crore in Q1FY21. Net interest margin (NIM) for the said quarter stood at 4.60 percent.

Operating profit for the quarter came in at Rs 3,121 crore, up 19 percent YoY against Rs 2,624 crore in Q1FY21.

CASA ratio as of June 30, 2021, stood at 60.2 percent compared to 56.7 percent as of June 30, 2020.

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Average current account deposits grew by 28 percent to Rs 46,341 crore for Q1FY22 compared to Rs 36,066 crore for Q1FY21.

Average savings deposits grew by 10 percent to Rs 1,16,218 crore for Q1FY22 compared to Rs 1,05,673 crore for Q1FY21.

Customer assets (advances and credit substitutes) were Rs 2,35,358 crore as of June 30, 2021, compared to Rs 2,16,819 crore as of June 30, 2020.

Advances as of June 30, 2021, were Rs 2,17,465 crore compared to Rs 2,03,998 crore as of June 30, 2020.

COVID-related provisions as of June 30, 2021, were maintained at Rs 1,279 crore.

"In accordance with the Resolution Framework for COVID-19 and MSME announced by RBI, the Bank has implemented a total restructuring of Rs 552 crore as of June 30, 2021," the bank said.

Gross NPA at the end of the quarter stood at 3.56 percent and net NPA was 1.28 percent.

The capital adequacy ratio of the bank as per Basel III as of June 30, 2021, was 23.1 percent and the Tier I ratio was 22.2 percent.
Moneycontrol News
first published: Jul 26, 2021 02:58 pm

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