Kotak Mahindra Bank on Monday reported 17 per cent year-on-year increase in its standalone net profit at Rs 6,965 crore for fiscal year 2020-21, while its net interest income (NII) grew 14 per cent to Rs 15,340 crore.
The bank's net interest margin contracted 21 basis points to 4.41 per cent in FY21 from 4.62 per cent in FY20, while current accounts and savings account (CASA) ratio improved to 60.4 per cent from 56.2 per cent a year ago. On a consolidated basis, Kotak Bank's net profit rose 16 per cent to Rs 9,990 crore in FY21.
For January-March quarter, the bank's standalone net profit grew 33 per cent to Rs 1,682 crore, while NII rose 8 per cent to Rs 3,843 crore. NIM contracted to 4.39 per cent during the quarter from 4.72 per cent in the year-ago quarter. On a consolidated basis, the bank's net profit rose 36 per cent to Rs 2,589 crore during March quarter.
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"COVID related provisions as at March 31, 2021 stood at Rs 1,279 crore. In accordance with the resolution framework for COVID-19 and MSME announced by RBI, as at March 31, 2021, the bank has implemented, for certain eligible borrowers, restructuring of Rs 435 crore (0.19 per cent of net advances)," the bank said in a release.
Kotak Bank's gross non-performing assets (GNPA) stood at Rs 7,426 crore as of March 31, 2021 as against Rs 5,027 crore a year ago, while net non-performing assets (NNPA) rose to Rs 2,705 crore from Rs 1,558 crore as of March 31, 2020. In percentage terms, the bank's GNPA stood at 3.25 per cent and NNPA at 1.21 per cent as of March 31, 2021.
The bank also declared a dividend of Rs 0.90 per equity share for FY21. Shares of Kotak Mahindra Bank were trading 2.55 per cent lower at Rs 1,703.95 on the BSE during the afternoon trade on Monday.