Kotak Mahindra Bank's Q1 net rises but so do bad assets

Posted By: Religare
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Kotak Mahindra Bank's Q1 net rises but so do bad assets
Kotak Mahindra Bank has reported the growth of 6.5 per cent in its consolidated net profits for the quarter ended June 2012 at Rs 443 crore.

The net profits of the bank stood at Rs 416 crore during the same period a year ago, said Kotak Mahindra Bank in a filing to the BSE on July 19, 2012.

Net Interest Income of the bank rose 19.6 per cent to Rs 1,100 crore during the quarter under review, compared with the year ago period.

However, the asset quality continued to be a strain on the financial performance of the bank. Net NPAs, as a ratio of net advances, rose 0.66 per cent during Q1 2012-13 from 0.54 per cent during the year ago period. Net Interest Margin ratio of the bank also slipped to 4.7 per cent from 5 per cent, year-on-year.

Consolidated advances of the bank were up 28 per cent to Rs 57,049 crore as on June 30, 2012 from Rs 44,699 crore as on June 30, 2011.

Following the Q1 numbers, shares of the bank were trading at Rs 581.30 a piece, down 2.16 per cent from previous close on BSE at 13:27 hours.

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