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Kotak Mahindra Bank's Profit Jump 65% At Rs 2,767 Crore In March Quarter

Kotak Mahindra Bank's Profit Jump 65% At Rs 2,767 Crore In March Quarter

The private sector lender had reported a net profit of Rs 1,682.37 crore in the same quarter of the previous fiscal year.

Kotak Mahindra Bank.
Kotak Mahindra Bank.

Kotak Mahindra Bank on Wednesday posted a 65 per cent jump in standalone net profit at Rs 2,767.40 crore in the three months ended March 2022.

The private sector lender had reported a net profit of Rs 1,682.37 crore in the same quarter of the previous fiscal year.

The bank's total income on a standalone basis during the latest January-March quarter rose to Rs 8,892.26 crore as against Rs 7,953.12 crore in the year-ago period, according to a regulatory filing.

For FY22, the lender recorded a 23.1 per cent rise in net profit at Rs 8,572.69 crore compared to Rs 6,964.84 crore in the same period a year ago.

The total income grew to Rs 33,393.17 crore from Rs 31,846.79 crore during the same period.

On the asset quality front, the gross Non-Performing Assets (NPAs) fell to 2.34 per cent of the gross advances as of March 2022 from 3.25 per cent as on March 2021.

In value terms, the gross NPAs stood at Rs 6,469.74 crore as against Rs 7,425.51 crore.

Likewise, the net NPAs too declined to 0.64 per cent (Rs 1,736.71 crore) from 1.21 per cent (Rs 2,705.17 crore).

On a consolidated basis, the net profit increased 50.3 per cent to Rs 3,891.82 crore in the fourth quarter of last fiscal. In the year-ago period, the same stood at Rs 2,589.32 crore.

The consolidated total income rose to Rs 16,794.19 crore in the three months ended March from Rs 15,725.03 crore in the same period a year ago.

Kotak Mahindra Bank's board has recommended a dividend of Rs 1.10 per equity share, out of the net profits for the year ended March 31, 2022, subject to the approval of the members at the ensuing Annual General Meeting of the bank.

Shares of the lender rose nearly 2 per cent to Rs 1,807.70 in afternoon trade on the BSE. 

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