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Kotak Mahindra Bank Q4: Net Profit Surges 33% To Rs 1,682 Crore: Declares Dividend

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Kotak Mahindra Bank, a private sector lender, recorded a 32.8 percent increase in its standalone net profit for the quarter ended March 31, 2021, to 1,682.37 crores. Higher net interest income (NII), other income, and pre-provision operating profit aided profitability.

 

In the fourth quarter of FY21, net interest income increased by 8% to Rs 3,842.81 crore, with advances rising by 1.8 trillion years on year to Rs 2.23 lakh crore. However, the net interest margin shrank from 4.72 percent to 4.39 percent over the same time span.

Deposits increased by 6.6 percent year over year in the March quarter, falling short of analysts' expectations of over 10% growth.

Kotak Mahindra Bank Q4: Net Profit Surges 33% To Rs 1,682 Crore: Declares Divide
Kotak Mahindra Bank: Quotes, News
BSE 1786.85BSE Quote16.55 (0.93%)
NSE 1788.25NSE Quote17.5 (0.98%)

The Supreme Court lifted the stay on NPA recognition and granted interest-on-interest relief during the term. Kotak Mahindra Bank had considered an absolute hit for provisions and income as provisions for advances until December 2020 for cases that were not considered NPA.

According to the bank, total provisions (including basic, regular, COVID-19-related, and other) as of March 2021 were Rs 7,021 crore or 95 percent of gross NPA.

At its meeting today, the Bank's Board of Directors also approved a dividend of Rs. 0.90 paise per Equity Share of face value Rs.s/- each, paid from the bank's net profits for the year ended March 31, 2021, subject to approval by the Bank's Members at the ensuing Annual General Meeting.

 

Kotak Mahindra Bank's stock fell 2.62 percent to Rs 1,702.80 on the BSE after earnings fell short of expectations.

Story first published: Monday, May 3, 2021, 16:47 [IST]
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