Kotak Mahindra Bank Q1 profit up by 12.3%

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Kotak Mahindra Bank, one of the leading private sector banks in the country registered a 12.3 per cent increase in its net profit in FY19Q1. The net profits for the quarter ending June 30 stood at Rs.1,025 crore, a jump of Rs.112.21 crore when compared to the first quarter of the last financial year.

Kotak-Mahindra-Bank
Kotak Mahindra Bank’s net profits for the 1st quarter of the year increased by 12.3%.

Net interest income for the quarter jumped to Rs.2,583 crore, a 15 per cent increase compared to Q1 of FY18.

In terms of its non-performing assets, the bank saw a slight reduction in this percentage value, with it dropping from 2.58 per cent (Q1 FY18) to 2.17 per cent of the total loans disbursed. Gross NPAs during the quarter amounted to Rs.3,899.45 crore, as against Rs.3,726.62 crore in the first quarter of the last financial year.

Provisions increased from Rs.203.74 crore to Rs.469.63 crore.

The lender’s Net Interest Margin (NIM) for the first quarter of the fiscal was 4.3 per cent, down by 0.2 per cent compared to the same period last year.

In terms of deposits, the bank registered a 59 per cent YoY growth, with the average savings deposits for the quarter being Rs.65,135 crore. There was also a 24 per cent YoY increase in its average current account deposits, which increased to Rs.26,649 crore in the quarter.

The first quarter has been good for a number of banks, with Bandhan Bank and Federal Bank also posting gains in their net profits during the period.

Sources: The Hindu, MoneyControl, Bloomberg Quint

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