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Kotak Mahindra Bank reports 7% fall in September quarter profit at Rs 2,032 crore

Private sector Kotak Mahindra Bank on Tuesday reported about 7 per cent decline in its net profit to Rs 2,032 crore in second quarter ended September 2021.

The bank had posted net profit of Rs 2,184 crore in the same quarter of the previous fiscal year.

Total income during July-September period of 2021-22, however, grew to Rs 8,408.87 crore, as against Rs 8,252.71 crore in same period of 2020-21, Kotak Mahindra Bank said in a regulatory filing.

Net interest income for Q2FY22 increased to Rs 4,021 crore from Rs 3,897 crore in Q2FY21, up 3 per cent. Net interest margin for the quarter was at 4.45 per cent.

On the asset front, bank’s gross non-performing assets (or bad loans) stood at 3.19 per cent by end of September 2021 quarter, up from 2.55 per cent by end of year ago period.

Net NPAs were at 1.06 per cent, up from 0.64 per cent

The bank’s provisions for bad loans and contingencies for September quarter were increased to Rs 423.99 crore from Rs 333.22 crore parked aside in year ago quarter.

On a consolidated basis, the bank reported marginal rise in its net profit at Rs 2,989 crore in Q2FY22, from Rs 2,947 crore in same quarter of previous fiscal. Total income rose to Rs 15,341.65 crore for the quarter from Rs 13,548.33 crore.

“For Q2FY22, the bank’s contribution to the consolidated PAT (profit after tax or net profit) was Rs 2,032 crore. The subsidiaries and associates net contribution was 32 per cent of the consolidated PAT,” the bank said in a release.

Stock of Kotak Mahindra Bank traded at Rs 2,220.40 apiece on BSE, up 2.93 per cent from previous close.

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