Private sector lender Kotak Mahindra Bank on Wednesday reported a 65 per cent leap in its standalone revenue after tax at Rs 2,767 crore within the quarter ended March 2022, helped by larger progress in internet curiosity earnings and wholesome asset high quality.
The lender had reported a standalone PAT (Profit After Tax) of Rs 1,682 crore within the year-ago interval.
For the total monetary yr 2021-22, PAT elevated by 23 per cent to Rs 8,573 crore from Rs 6,965 crore in FY21.
“If you look at our Q4 numbers, our slippages have been extremely under control. On an annualised basis our slippage ratio is 1.08 per cent. Our slippage ratio actually now demonstrates that the quality of our credit book is extremely robust as we exit Covid,” the financial institution’s managing director and CEO Uday Kotak advised reporters.
Consolidated PAT for This autumn FY22 was Rs 3,892 crore, up 50 per cent from Rs 2,589 crore within the fourth quarter of FY21. For the whole FY22, Consolidated PAT elevated to Rs 12,089 crore from Rs 9,990 crore in FY21.
Kotak mentioned the consolidated revenue is actually broad primarily based and never dependent disproportionately solely on the financial institution.
Net Interest Income (NII) for the fourth quarter elevated by 18 per cent to Rs 4,521 crore from Rs 3,843 crore.
Kotak mentioned the financial institution’s NIM (Net Interest Margin) has all the time been excessive as the combination of retail is larger than wholesale within the mortgage ebook.
He mentioned the financial institution has a CASA (Current Account Savings Account) ratio of 60 per cent-plus, which has a major optimistic influence on value of funds.
“We are entering into the new world of interest rates going up, with a very high current and savings account ratio. If 60 per cent of my deposit is CASA, that is a very stable cost of fund base. I have always believed that low cost and stable liability franchise is the core to sustainable banking,” he mentioned.
Net curiosity margin stood at 4.78 per cent for This autumn FY22.
Gross Non-Performing Assets (GNPA) improved to 2.34 per cent from 3.25 per cent. Net NPA stood at 0.64 per cent as towards 1.21 per cent.
Credit value on advances for This autumn FY22 was 27 foundation factors (annualised), excluding reversal of COVID provisions.
The provision protection ratio stood at 73.2 per cent.
Total provisions (together with particular, customary, Covid-related and many others) held as on March 31, 2022 was at Rs 6,710 crore.
Capital adequacy ratio of the financial institution, as per Basel III, as on March 31, 2022 was 22.7 per cent and Tier I ratio was 21.7 per cent.
Advances elevated by 21 per cent to Rs 2,71,254 crore as on March 31, 2022 from Rs 223,670 crore a yr in the past. Advances grew 7.2 per cent (not annualised) throughout This autumn FY22.
Kotak mentioned the financial institution’s This autumn mortgage progress is about 29 per cent-plus annualised and seven.3 per cent for the quarter.
“We have got the accelerator on loan growth. Positively for us, the bulk of our book is floating rate. So, the ability to transmit interest rate as the central bank increases, is very much inherent in our loan book. Our growth momentum on loans will continue. We are very well risk managed not only on credit quality but also on asset-liability matching and cost of funds,” he mentioned.
On the influence of the speed hike introduced by the RBI, he mentioned price hikes do have an effect however the 40 foundation factors price hike won’t change or make a dramatic distinction.
The financial institution’s scrip closed at Rs 1,776.95 apiece, up 0.17 per cent.
Meanwhile, the financial institution additionally authorized the appointment of Shanti Ekambaram as whole-time director of the financial institution for 3 years with impact from November 1, 2022, or from the date of regulatory approvals, whichever is later.
The financial institution additionally introduced the reappointment of Ok V S Manian as a whole-time director for 3 years (submit the expiry of his present time period on October 31, 2022), with impact from November 1, 2022, or from the date of regulatory approvals, whichever is later.
The financial institution has accepted the request of Gaurang Shah to to not proceed as a whole-time director and director of the financial institution on the expiry of his present time period which ends on October 31, 2022.
Shah will proceed as director of Kotak Mahindra Asset Management Company, Kotak Mahindra Life Insurance, Kotak Mahindra General Insurance, Kotak Investment Advisors, Kotak Mahindra (UK), Kotak Mahindra Inc. and Kotak Mahindra Asset Management (Singapore) Pte.
Source: www.financialexpress.com”