Kotak Mahindra Bank Q1 Results:Profits jumps 32 percent
Published On: Monday, July 26, 2021 | By: Team KnowMyStock
Kotak Mahindra Bank on July 26 reported a 32 percent year-on-year (YoY) jump in standalone Q1FY22 net profit at Rs 1,641.92 crore against Rs 1,244.45 crore in Q1FY21, which was below analysts’ expectations. Total income during April-June 2021-22 rose to Rs 8,062.81 crore, from Rs 7,685.40 crore in Q1FY21, Kotak said in a regulatory filing Its net interest income, or core income, rose 6% over the year-earlier to Rs 3,942 crore during the period, against an estimated Rs 3,961 crore. Provisions and contingencies in the quarter declined to Rs 935 crore from Rs 962 crore in the year-ago quarter. However, the lender saw a deterioration in asset quality in the reported quarter. Other income doubled to Rs 1,583 crore. It included fee income worth Rs 1,169 crore, which rose 51% year-on-year. Operating profit for the quarter came in at Rs 3,121 crore, up 19 percent YoY against Rs 2,624 crore in Q1FY21.
Kotak Bank’s gross non-performing loans ratio stood at 3.56 per cent in the reported quarter as against 3.25 per cent at the end of the March quarter. Similarly, the net NPA ratio expanded to 1.28 per cent from 1.21 per cent in the previous quarter.
We are on Telegram!
JOIN our telegram channel to receive updates on Financial News and Stock and FNO Tips.
Click Here!
Follow Us On:
