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Kotak Mahindra Bank profit rises 16% to Rs 1,853.5 crore in Q3

Private lender's net interest income for Q3 grew 17 per cent to Rs 4,007 crore, from Rs 3,430 crore in Q3FY20. As of December, Kotak Mahindra's gross NPA was 2.26 per cent and NPA was 0.50 per cent

Manoj Sharma | January 25, 2021 | Updated 16:15 IST
Kotak Mahindra Bank profit rises 16% to Rs 1,853.5 crore in Q3
Kotak Bank share closed at Rs 1,792.95, around 1.92 per cent or Rs 35.05 down, on NSE

Kotak Mahindra Bank has reported net profit of Rs 1,853.5 crore, posting a 16 per cent increase from Rs 1,596 crore during the same period last year, the bank informed stock exchanges today.

Private lender's net interest income(NII) for Q3 increased to Rs 4,007 crore, from Rs 3,430 crore in Q3FY20, up 17 per cent. Net Interest Margin(NIM) for Q3 FY21 was at 4.51 per cent. The bank's CASA (current and savings account) ratio as on December 31, 2020, stood at 58.9 per cent, compared to 53.7 per cent as on December 31, 2019.

Average savings deposits grew 29 per cent to Rs 107,363 crore during April-December period compared to Rs 83,049 crore in the year-ago period. The average current account deposits grew 13 per cent to Rs 37,533 crore for April-June period, compared to Rs 33,258 crore in the year-ago period.

Kotak Mahindra Bank's advances as of December 31, 2020, stood at Rs 214,103 crore. Customer assets, which includes advances and credit substitutes, were Rs 228,809 crore as of December. The company's operating profit for Q3 stood at Rs 3,083 crore, up 29 per cent from Rs 2,388 crore during the same period last year.

Also read: Kotak Mahindra Bank's market capitalisation hits Rs 4 lakh crore mark for first time

The bank's COVID-19 related provisions of December 31, 2020, stood at Rs 1,279 crore. As of December, Kotak Mahindra's gross NPA was 2.26 per cent and NPA was 0.50 per cent. The bank has not classified any NPAs since August 31, 2020, basis the interim order of the Supreme Court.

"Had the Bank classified the borrowers more than 90 days over due on December 31, 2020, as NPA, GNPA would be 3.27 per cent," the lender said, adding that it has made provision for such advances.

The bank's consolidated PAT for Q3FY21 increased 11 per cent to Rs 2,602 crore from Rs 2,349 crore in Q3FY20. Total income during the October-December period rose to Rs 14,835 crore from Rs 13,542 crore in third quarter of 2019-20. Capital adequacy ratio of the bank, including unaudited profits, as per Basel-III, as on December 31, 2020, was 21.5 per cent and tier-I ratio was 20.9 per cent.

Meanwhile, Kotak Bank share closed at Rs 1,792.95, around 1.92 per cent or Rs 35.05 down, on the National Stock Exchange on Monday.

Also read: Kotak Bank stock hits all-time high after RBI clears re-appointment of Uday Kotak as MD

Also read: Kotak Mahindra Bank Q2 results: Profit rise 27% to Rs 2,184 crore, NII up 17%

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