Kotak Mahindra Bank profit up 65%
The net interest income of the bank has increased by 18 percent to Rs 4,521 crore in the March quarter as compared to the previous year. The board of the bank has declared a dividend of Rs 1.10 per share to the investors for the last financial year.
Kotak Mahindra Bank ,Kotak Mahindra Bank) today announced its March quarter (Quarterly Results) results have been released. Bank’s profit during the quarter (Net Profit) has reached Rs 2,767 crore with an increase of 65 percent over the previous year. A year ago, the bank had made a profit of Rs 1,682 crore. The asset quality of the bank improved during the quarter as compared to last year. At the same time, there has been an improvement in the net interest income, net interest margin of the bank as compared to last year. Along with the results, the bank has also announced a dividend of Rs 1.1 to its investors.
How were the figures for the March quarter
According to the bank, the net interest income of the bank has increased by 18 percent to Rs 4,521 crore in the March quarter compared to the previous year. The bank’s NII stood at Rs 3,843 crore in the same quarter last year. Net interest income is the difference between the interest income earned on loans disbursed by the bank and the interest paid on deposits. While there has been an increase in Net Interest Margin, NIMs have increased from 4.39 percent to 4.78 percent as compared to last year. Along with this, the asset quality of the bank has also improved. Gross NPAs came down to 2.34 percent in the March quarter. Earlier, Gross NPAs were at 2.71 percent in the December quarter and whereas in the March quarter of last year, the Gross NPAs were at 2.71 percent, Net NPAs have also improved from 1.21 percent to 0.64 percent. After the results, the bank’s board has announced dividend of Rs 1.10 per share to the investors for the last financial year.
Bank’s results better than estimates
According to Moneycontrol, the results of the bank have been much better than the estimates. According to the report, the jump in the profit of the bank was seen due to increase in net interest income and reduction in provision. During the quarter, the advance of the bank has registered a growth of 21 percent over the previous year. There has been a growth of 39 percent in the Home Loan and Loan Against Property segments. Personal loans, business loans and consumer durable loans registered a growth of 40 per cent during the quarter. Kotak Mahindra Bank stock managed to close in the green today amid a sharp fall in the stock market due to the forecast of better results and the Reserve Bank increasing the repo rates. There was a limited gain of 0.17 percent in the stock on the BSE and the stock closed at the level of 1776.