Kotak Mahindra Bank Q4 results: Net profit soars 65% to Rs 2,767 cr

Kotak Mahindra Bank on Wednesday reported a 64.5 per cent year-on-year jump in standalone net profit at Rs 2,767 crore for the quarter ended 31 March. 2022. The private lender had reported a net profit of Rs 1,682 crore in the year-ago period.

The lender's net interest income (NII) for Q4FY22 increased to Rs 4,521 crore, from Rs 3,843 crore in same quarter last fiscal, up 18 per cent. Net Interest Margin (NIM) was 4.78  per cent for the quarter under review.

Kotak Mahindra Bank's March-quarter interest earned at Rs 7,066 crore versus Rs 6,449 crore a year ago.

The bank said that it wrote back COVID-19 provisions of Rs 453 crore in the said quarter.

As at March 31, 2022, bank's gross non-performing assets (GNPA) was 2.34 per cent as against 2.71 per cent in the previous quarter, while and net non-performing assets (NNPA) stood at 0.64 per cent versus 0.79 per cent in Q3FY22.

The provision coverage ratio stood at 73.2 per cent. Total provisions (including specific, standard, COVID-19 related etc.) was at Rs 6,710 crore.

Furthermore, the Board of Directors has recommended dividend of Rs 1.10 per equity share having face value of Rs 5, for the year ended March 31, 2022, subject to approval of shareholders.

Shares of Kotak Mahindra Bank on Wednesday traded 2.29 per cent at Rs 1,814.40 apiece on BSE post declaration of quarterly results during late trade.