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Monday, October 25, 2021

Kotak Mahindra Bank’s profit grew by 33% to Rs 1682 crore, improving asset quality; Stock rolled

Kotak Mahindra Bank Q4: Kotak Mahindra Bank’s profits increased 33 percent in the fourth quarter of FY 2021.

Mahindra Bank Q4 Box: Kotak Mahindra Bank’s profits increased 33 per cent in the fourth quarter of FY 2021. The bank has earned a profit of Rs 1682 crore during this period. The bank had a profit of Rs 1267 crore in the same quarter a year earlier. Profit has increased due to increase in fee income of Kotak Mahindra Bank. However, the bank’s profit has been weaker than anticipated. For this reason, the stock has seen a decline after the quarterly results and it has come down by 3 per cent to Rs 1685. The bank’s stock closed at Rs 1748 on Friday. The bank has also announced a dividend of Rs 0.90 per share for its shareholders.

Net Interest Margin Decreased

Kotak Mahindra Bank’s interest income stood at Rs 3,843 crore for the quarter ended 31 March 2020. Whereas the bank’s interest income stood at Rs 3,559.6 crore in the fourth quarter of the last financial year. The net interest margin of the bank has come down to 4.39 per cent in the fourth quarter from 4.51 per cent in the previous quarter. The standalone NII of the bank has increased from Rs.3560 crores to Rs. 3843 crores during this period.

Improvement in asset quality

Kotak Bank’s gross NPA improved to 3.25 per cent on a quarterly basis in the fourth quarter, from 3.27 per cent in the first quarter. At the same time, the net NPA has come down to 1.21 per cent in the March quarter, which was 1.24 per cent in the December quarter. In rupees, the net NPA is Rs 2705 crore and gross NPA is Rs 7426 crore.

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Shehnazhttps://www.businesskhabar.com/
Shehnaz is a Corporate Communications Expert by profession and writer by Passion. She has experience of many years in the same. Her educational background in Mass communication has given her a broad base from which to approach many topics. She enjoys writing about Public relations, Corporate communications, travel, entrepreneurship, insurance, and finance among others.
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