Kotak Mahindra Bank Q3 profit rises 31% to Rs 3,403 crore

New Delhi: Kotak Mahindra Bank on Friday said its consolidated net profit rose 31 per cent to Rs 3,403 crore during the third quarter of the current financial year from Rs 2,602 crore recorded in the corresponding quarter of the previous year.

The bank`s standalone profit increased by 15 per cent to Rs 2,131 crore in the October-December 2021 period from Rs 1,854 crore recorded in the same period of the previous year. During the second quarter of the current financial year the bank`s standalone profit stood at Rs 2,032 crore.

During the third quarter of the current financial year, the net contribution of non-bank entities of the company was 37 per cent of the consolidated profit after tax.

The bank`s net interest income (NII) for the third quarter of 2021-22 increased to Rs 4,334 crore, from Rs 3,876 crore in the corresponding quarter of 2020-21, posting a year-on-year increase of 12 per cent.Net interest margin (NIM) for the third quarter of the current financial year stood at 4.62 per cent.

The bank`s net total income for the third quarter of the current financial year stood at Rs 5,698 crore, up 10 per cent from Rs 5,166 crore recorded in Q3 of 2020-21.

As on December 31, 2021, COVID-related provisions of the bank stood at Rs 1,000 crore. In accordance with COVID and MSME Resolution Frameworks announced by RBI, the Bank has standard restructured fund-based outstanding of Rs 1,364 core (0.54 per cent of advances) as on December 31, 2021, Kotak Mahindra Bank said in a statement. Also Read: SBI Big Update: IMPS charges to change from next month; check new rate

The bank`s gross non-performing assets (GNPA) stood at 2.71 per cent and net non-performing assets (NNPA) at 0.79 per cent as on 31st December 2021. Also Read: Union Budget 2022: As salaried class demand hike in ITR bracket, check 5 major sources of income that are tax free in India

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