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Kotak Mahindra Bank result: Lender's FY20 profit grows 22% to Rs 5,947 crore

Kotak Mahindra Bank share price gained 5.3 per cent at intra-day high of Rs 1,220.85 after the company posted its financial results. On National Stock Exchange, the bank's shares were quoting Rs 1,180.90, after climbing to a high of Rs 1,220 earlier

twitter-logoBusinessToday.In | May 13, 2020 | Updated 14:14 IST
Kotak Mahindra Bank result: Lender's FY20 profit grows 22% to Rs 5,947 crore
Quarterly, lender's profit fell 10 per cent to Rs 1,267 crore compared to Rs 1,408 crore in the same quarter last year

Kotak Mahindra Bank's FY20 net profit has grown 22.2 per cent to Rs 5,947 crore compared to Rs 4,865 crore in the previous financial year. Quarterly, lender's profit fell 10 per cent to Rs 1,267 crore compared to Rs 1,408 crore in the same quarter last year.

Net Interest Income for FY20 increased to Rs 13,500 crore from Rs 11,206 crore in FY19. For Q4, FY20 NII increased to Rs 3,560 crore from Rs 3,036 crore during the same period last year. The lender's net interest margin for Q4 stands at Rs 4.72 per cent. Advances as on March 31 were up 7 per cent to Rs 219,748 crore, compared to Rs 2,05,695 crore as on March 31, 2019.

The bank has made a COVID-19 related general provision of Rs 650 crore, which is higher than the RBI requirement, it said. The total provisioning towards advances (including specific, standard and COVID-19 provisions) is higher than the gross bad loans of the bank, it added. Kotak Mahindra Bank's CASA (Current Account and Savings Account) ratio as on March 31 stood at 56.2 per cent, compared to 52.5 per cent as on March 31, 2019.

Average Savings deposits grew 21 per cent to Rs 85,656 crore for FY20, compared to Rs 70,990 crore for FY19. The lender's gross non-performing assets accounted for 2.25 per cent and net NPAs were 0.71 per cent as on March 31, the bank said.

The bank board has also approved of Uday Kotak's reappointment as MD & CEO from January 1, 2021, to December 31, 2023, subject to approval of the shareholders, RBI and other authorities concerned.

Kotak Mahindra Bank share price gained 5.3% intraday high of Rs 1220.85 after the company posted its quarterly results today. On National Stock Exchange, shares of Kotak Mahindra Bank were quoting Rs 1,180.90, after climbing to a high of Rs 1,220 earlier.

Also read: Kotak Mahindra Bank Q3 profit rises 27% to Rs 1,596 crore

Also read: India's GDP is pretty low; V-shaped turnaround unlikely: Uday Kotak

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