Kotak Mahindra Bank Q1 PAT rises 26% YoY to Rs 2,701 cr

25 Jul 2022 , 10:16 AM

Profit before tax advanced 26.2% year on year to Rs 2,759.67 crore in Q1 June 2022. Operating profit before provisions and contingencies for the quarter slipped by 3.7% year on year to Rs 2,783 crore in quarter ended 30 June 2022. The bank held total provisions (including specific, standard, COVID-19 related etc.) of Rs 23.59 crore as of 30 June 2022. The provision coverage ratio stood at 72.6% at the end of 30 June 2022. Net interest income (NII) grew by 19% year on year to Rs 4,697 crore in Q1 FY23 from Rs 3,942 crore posted in Q1 FY22. Net interest margin (NIM) improved to 4.92% in Q1 FY23 from 4.60% posted in the corresponding quarter last year. As of 30 June 2022, the bank said it continued to hold COVID related provisions of Rs 482 crore. In accordance with COVID resolution framework announced by RBI, the bank has standard restructured fund-based outstanding of Rs 379 crore (0.14% of advances). Under the MSME resolution framework, the bank has standard restructured fund-based outstanding of Rs 697 crore (0.25% of advances) as at 30 June 2022. On the asset quality front, gross non-performing assets aggregated to Rs 6,379 crore as of 30 June 2022 as against Rs 6,470 crore as at 31 March 2022 and Rs 7,932 crore as at 30 June 2021. The gross NPA ratio was 2.24% as of 30 June 2022 as against 2.34% as of 31 March 2022 and 3.56% as of 30 June 2021. The net NPA ratio was 0.62% as of 30 June 2022 as against 0.64% as of 31 March 2022 and 1.28% as at 30 June 2021. Average current deposits grew to Rs 55,081 crore for Q1 FY23 compared to Rs 46,341 crore for Q1 FY22 up 19%. CASA ratio as on 30 June 2022 stood at 58.1% as compared to 60.2% as of 30 June 2021. Advances increased by 29% to Rs 280,171 crore as at 30 June 2022 from Rs 217,447 crore as at 30 June 2021. Capital adequacy ratio of the bank, as per Basel III, as of 30 June 2022 was 22.1% and CET I ratio of 21.0%. Number of customers as on 30 June 2022 stood at 34.5 million as against 26.8 million as of 30 June 2021. Kotak Mahindra Bank is a full-service commercial bank. As on 30 June 2022, Kotak Mahindra Bank has a national footprint of 1,702 branches and 2,761 ATMs and branches in GIFT City and DIFC (Dubai). Shares of Kotak Mahindra Bank fell 0.66% to Rs 1814.40 on the BSE. Powered by Capital Market – Live News