Kotak Mahindra Bank reported a 33% year-on-year increase in standalone profit to Rs 1,682.4 crore in the quarter ended March 2021. The lender clocked 8% year-on-year rise in net interest income to Rs. 3,843 crore for the quarter. Net Interest Margin (NIM) for Q4FY21 was at 4.39%. Operating profit for the quarter recorded at Rs 3,407 crore, up 25% from Rs 2,725 crore in Q4FY20.
The average savings deposits with the bank grew by 27% to Rs 108,812 crore for FY21 compared to Rs 85,656 crore for FY20. Average Current Account deposits grew by 17% to Rs 39,481 crore for FY21 compared to Rs 33,699 crore for FY20.
Advances were Rs 223,689 crore in Q4FY21, 4.5% quarter-on-quarter rise from Rs 214,103 crore in December quarter. Customer assets, which includes advances and credit substitutes, were Rs 238,857 crore as during March 31, up 4.4% from Rs 228,809 crore in Q3FY21.
CASA ratio as at March 31, 2021 stood at 60.4% compared to 56.2% as at March 31, 2020. “CASA and TDs below Rs 5 crore as at March 31, 2021, constituted 91% of total deposits (86% as at March 31, 2020). TD Sweep deposits as at March 31, 2021 were 7.5% of total deposits (6.6% as at March 31, 2020),” the lender said in a statement.
The gross non-performing assets ratio stood at 3.25% during Q4FY21 compared to 3.27% in the previous quarter. Net NPA ratio declined to 1.21%, from 1.24% in the previous quarter.
“COVID related provisions as at March 31, 2021 stood at Rs 1,279 crore. In accordance with the Resolution Framework for COVID-19 and MSME announced by RBI, as at March 31, 2021, the bank has implemented, for certain eligible borrowers, restructuring of Rs 435 crore,” Kotak Mahindra said in a statement.
“Consolidated PAT for FY21 increased to Rs 9,990 crore from Rs 8,593 crore in FY20 up 16% and for Q4FY21 increased to Rs 2,589 crore from Rs 1,905 crore in Q4FY20 up 36%,” the lender said in a statement. For FY21, the Bank’s contribution to the consolidated PAT was Rs 6,965 crore. Net contribution of the subsidiaries & associates stood at 30% of the consolidated PAT, it further added.