Business strategy

Net Profit Jumps 26% to Rs 2,071.1 Crore, NII Up By 19%

Kotak Mahindra Bank Q1FY23 Results: Private sector lender Kotak Mahindra Bank on Saturday, July 23, reported a net profit or profit after tax (PAT) of Rs 2,071.1 crore for the quarter ended June 30, which is up by 26 per cent on a year-on-year basis. The Net Interest Income (NII) for Q1FY23 increased to Rs 4,697 crore, from Rs 3,942 crore in Q1FY22, which is a jump of 19 per cent as compared to the same quarter last year, Kotak Mahindra Bank said in a regulatory filing on the day.

The Kotak Mahindra Bank added that its Net Interest Margin (NIM) was 4.92 per cent for the quarter ended June 30, 2022. The gross non-performing assets, or NPA, stood at Rs 7,223.54 crore in Q1FY23, down from the Rs 8,998.55 crore as reported in the quarter ended June 30, 2021. On the other hand, net NPA declined to Rs 2,143.06 crore in the quarter ended June 30, 2022 from Rs 3,294.86 on a YoY basis. For the quarter ended June 30, 2022, GNPA was standing at 2.24 per cent and NNPA was standing at 0.62 per cent, Kotak Mahindra Bank reported.

Customer assets, which includes advances and credit substitutes, increased by 29 per cent to Rs 303,629 crore as at June 30, 2022 from Rs 2,35,340 crore as at June 30, 2021 (Rs 292,481 crore as at March 31, 2022). Advances increased by 29 per cent to Rs 280,171 crore as at June 30, 2022 from `Rs 217,447 crore as at June 30, 2021 (Rs 2,71,254 crore as on March 31, 2022).

Average current deposits grew to Rs 55,081 crore for Q1FY23 as compared to Rs 6,341 crore in Q1FY22, registering a jump of up 19 per cent. Average fixed rate savings deposits stood at Rs 114,237 crore as of June 30, 2022, up by 8 per cent  as compared to Rs 105,724 crore on June 30, 2021. Average term deposit registered an increase of 16 per cent from Rs 112,406 crore for Q1FY22 to Rs 130,035 crore for Q1FY23, Kotak Mahindra Bank reported.

Credit cost on advances, which is excluding Covid-19 and restructuring provision or reversal, for Q1FY23 stood at 16 bps (annualised). The provision coverage ratio stood at 72.6 per cent, Kotak Mahindra Bank said in its filing with the BSE.

Kotak Mahindra Bank further said that its Covid-19 related provisions stood at ` Rs 482 crore for the quarter ended June 30. In accordance with Covid Resolution Framework announced by RBI, the bank has standard restructured fund-based
outstanding of Rs 379 crore, which is 0.14 per cent of advances, it added. Under the MSME Resolution Framework, the Kotak Mahindra Bank has standard restructured fund-based outstanding of Rs 697 crore (0.25 per cent of Advances) as on June30, 2022, it said.

Kotak Mahindra Bank had a customer base of 34.5 million, which has increased from 26.8 million in the year-ago quarter. The bank has a total of 1,702 branches and 2,761 ATMs across India. Forty-five per cent of the branches are in metro cities, while urban areas have 21 per cent of the branches. The remaining are in semi-urban and rural areas.

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