Q2 Bank Transfer Box: Kotak Mahindra Bank’s profit grew 27 percent year-on-year in the second quarter of FY 2021. The bank has earned a profit of Rs 2184 crore during this period. Profit of the bank has increased due to increase in net interest income and other income and decrease in provisioning. The bank’s profit was Rs 1,724 crore in the same quarter a year ago. The bank’s interest income increased in the second quarter, while asset quality improved. Bank’s provisioning has also decreased.
3,913.2 crores income
In the second quarter, interest income of Kotak Bank increased by 16.8 percent. The interest income of the bank stood at Rs 3,913.2 crore in the second quarter. Whereas the bank’s interest income was Rs 3,349.6 crore in the same quarter a year ago.
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Reduction in provisioning
On a quarterly basis, the provisioning of the bank has been reduced from Rs 962 crore to Rs 368.6 crore. The bank’s Covid-19 provisioning as of September 30 in Q2 stood at Rs 1279 crore.
Loan book shortage
The loan book decreased by 4 percent during the second quarter. 2.04 lakh crore in the second quarter. Net interest margin has been 12.2 per cent year-on-year growth in 4.61 per cent of deposits and 2.61 lakh crores during the second quarter.
Improvement in asset quality
In the second quarter, the bank’s gross NPA was down to 2.55 percent from 2.70 percent in the previous quarter. At the same time, the net NPA has come down from 0.87 per cent to 0.64 per cent in the previous quarter. The bank’s new NPAs (slippages) in the second quarter have been reduced to Rs 264 from Rs 796 crore in the previous quarter.
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In rupee terms, the net NPA of the bank decreased from Rs 1,777.1 crore in the second quarter to Rs 1,303.8 crore on a quarterly basis. At the same time, the gross NPA has been reduced from Rs 5,619.3 crore to Rs 5,336 crore.
Source: www.financialexpress.com
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