Kotak Mahindra Bank Q2 PAT rises 27% YoY to Rs 2,581 cr

22 Oct 2022 , 04:04 PM

Profit before tax advanced 27.24% year on year to Rs 3,430.51 crore in the quarter ended 30 September 2022. Operating profit before provisions and contingencies for the quarter ended 30 September 2022 was up by 14.34% year on year to Rs 3,567.51 crore. The bank held total provisions and contingencies (including specific, standard, COVID-19 related etc.) of Rs 137 crore as of 30 September 2022. The provision coverage ratio stood at 73.7% at the end of 30 September 2022. Net interest income (NII) grew by 27% year on year to Rs 5,099 crore in Q2 FY23 from Rs 4,021 crore posted in Q2 FY22. Net interest margin (NIM) improved to 5.17% in Q2 FY23 from 4.45% posted in the corresponding quarter last year. As of 30 September 2022, the bank said it continued to hold COVID related provisions stood at Rs 438 crore. In accordance with COVID resolution framework announced by RBI, the bank has standard restructured fund-based outstanding of Rs 354 crore (0.12% of advances). Under the MSME Resolution Framework, the bank has standard restructured fund-based outstanding of Rs 640 crore (0.22% of advances) as at 30 September 2022. On the asset quality front, gross non-performing assets aggregated to Rs 6,210.23 crore as of 30 September 2022 as against Rs 6,378.57 crore as at 30 June 2022 and Rs 7,657.96 crore as at 30 September 2021. The gross NPA ratio was 2.08% as of 30 September 2022 as against 2.24% as of 30 June 2022 and 3.19% as of 30 September 2021. The net NPA ratio was 0.55% as of 30 September 2022 as against 0.62% as of 30 June 2022 and 1.06% as at 30 September 2021. Average current deposits grew to Rs 53,971 crore for Q2 FY23 compared to Rs 50,485 crore for Q2 FY22 up 7%. CASA ratio as on 30 September 2022 stood at 56.2% as compared to 60.6% as of 30 September 2021. Advances increased by 25.1% to Rs 294,023 crore as at 30 September 2022 from Rs 234,947 crore as at 30 September 2021. Capital adequacy ratio of the bank, as per Basel III, as of 30 September 2022 was 22.6% and CET I ratio of 21.5%. Number of customers as on 30 September 2022 stood at 36.6 million as against 28.5 million as of 30 September 2021. Slippages for Q2 FY23 stood at Rs 983 crore (0.3% of advances), of which Rs 330 crore got upgraded within the quarter. Kotak Mahindra Bank is a full-service commercial bank. As on 30 September 2022, Kotak Mahindra Bank has a national footprint of 1,710 branches and 2,802 ATMs and branches in GIFT City and DIFC (Dubai). Shares of Kotak Mahindra Bank rose 2.05% to Rs 1902.90 on the BSE on Friday. Powered by Capital Market – Live News