Private sector lender Kotak Mahindra Bank on Tuesday reported a 19.12 per cent growth in standalone net profit at Rs 4,865.33 crore for the financial year ended March 31, 2019, as compared to Rs 4,084.30 crore in the last fiscal.
The bank's net interest income (NII), difference between interest earned and interest expended, rose 18.11 per cent to Rs 11,259 crore in FY19 from Rs 9,532 crore in the previous year, Kotak Mahindra Bank said in a statement.
As on March 31, 2019, net interest margin (NIM) stood at 4.33 per cent. Advances increased 21 per cent to Rs 205,695 crore in FY19 as compared to Rs 169,718 crore in the last fiscal.
Operating profit increased to Rs 8,348.18 crore in FY19 from Rs 7,158.17 crore in FY18. Provisions and contingencies rose to Rs 962.39 crore from Rs 939.95 crore in the last year.
Uday Kotak-led bank's asset quality improved in FY19 with gross non-performing assets (NPAs) ratio - bad loans as a percentage of gross advances - declining to 2.14 per cent versus 2.22 per cent in the previous year. Net NPA also declined to 0.75 per cent as compared to 0.98 per cent in the corresponding period last year.
As on March 31, 2019, the bank's balance sheet grew 17.83 per cent to Rs 3.12 lakh crore as against Rs 2.65 lakh crore on March 31, 2018. The bank's advances grew 21 per cent to Rs 205,695 crore versus Rs 169,718 crore in the last fiscal.
On the quarterly basis, the bank reported a 25.24 per cent growth in standalone net profit at Rs 1,407.80 crore in March quarter, as compared to Rs 1,124.05 crore in the corresponding quarter last year.
The NII of the lender surged 18 per cent to Rs 3,048 crore in Q4FY19 from Rs 2,580 crore in Q4FY18. The bank's standalone provisions reported at Rs 171.3 crore, while loan growth stood at 21 per cent.
The banks' board has recommended a dividend of Rs 0.80 per equity share having face value of Rs 5 for the year ended March 31, 2019.
As on March 31, 2019, the bank's capital adequacy ratio as per Basel III stood at 17.5 per cent, while current account saving account (CASA) ratio stood at 52.5 per cent.
Kotak Mahindra Bank shares closed trade 0.65 per cent higher at Rs 1,387.05 apiece on the Bombay Stock Exchange.
Edited by Chitranjan Kumar