New Delhi, Apr 30 (PTI) Private sector lender Kotak Mahindra Bank today posted a rise of 27 per cent in consolidated net profit at Rs 1,789.24 crore for the quarter ended March 31. Also Read - Have You Faced ATM Transaction Failure Due to Insufficient Balance? Here’s What You Need to do
The bank had registered a net profit of Rs 1,404.34 crore in the January-March quarter of the previous financial year (2016-17). Also Read - Kotak Mahindra Bank Q3 profit rises 23% to Rs 1,291 cr
Total income (consolidated) grew to Rs 10,874.12 crore as against Rs 9,953.57 crore in the year-ago period, the bank said in a regulatory filing. Also Read - Kotak Bank takes RBI to Bombay HC over stake dilution issue
In entire 2017-18, the net profit was up 26 per cent to Rs 6,201 crore from Rs 4,940 crore in 2016-17.
Income in the full year grew to Rs 38,723.67 crore from Rs 33,905.44 crore.
Bank’s asset quality improved as the gross non-performing assets (NPAs) came down to 1.95 per cent of the gross advances as on March 31, 2018 from 2.25 per cent by the end of 2016-17.
In value terms, gross NPAs were Rs 4,071.04 crore of the gross advances as compared to Rs 3,803.92 crore earlier.
Net NPAs were 0.86 per cent (Rs 1 768.60 crore) as against 1.09 per cent (Rs 1,814.23 crore).
However, provisions for bad loans and contingencies were raised to Rs 313.37 crore in the reported quarter from Rs 299.61 crore in the year-ago period.
The bank said its board of directors in a meeting today recommended dividend of Rs 0.70 paise per share.
Net Interest Income (NII) for 2017-18 increased to Rs 9,532 crore from Rs 8,126 crore in 2016-17, up 17 per cent. During the quarter, NII went up 19 per cent to Rs 2,580 crore from Rs 2,161 crore in the year-ago period.
Net Interest Margin (NIM) for the quarter under review stood at 4.35 per cent as against 4.63 per cent in the same quarter of 2016-17.
Advances as on March 31, 2018 were up 25 per cent to Rs 1,69,718 crore as compared to Rs 1,36,082 crore as on March 31, 2017.
The company’s stock was trading at Rs 1,210.50, up 1.85 per cent on BSE.
This is published unedited from the PTI feed.