Private sector lender Kotak Mahindra Bank on Monday reported 26% jump in net profit for quarter ending 30 September, 2020 at Rs.2,184 crore. It was Rs. 1,724 crore a year ago.
Net interest income for Q2FY21 increased to Rs.3,913 crore, from Rs.3,350 crore in Q2FY20, up 17%. Net interest margin (NIM) for Q2FY21 was at 4.52%.The total income (standalone) rose to Rs.8,288.08 crore in the July-September period as against Rs.7,986.01 crore in the year-ago period.
CASA ratio as on 30 September, 2020 stood at 57.1% compared to 53.6% as on 30 September, 2019.Average savings deposits grew by 32% to Rs.1,06,442 crore for H1FY21 compared to Rs.80,425 crore for H1FY20.
Advances as on 30 September, 2020 were at Rs.2,04,845 crore as compared to Rs.2,13,299 crore as on 30 September, 2019).Covid-related provisions as of 30 September, 2020 stood at Rs.1,279 crore (0.62% of net advances).
The bank's asset quality improved on a net basis, with the non-performing assets (NPAs) falling to 0.64 per cent of the net advances as of September 30, 2020, from 0.85 per cent by September-end 2019.
In value terms, the net NPAs were down at Rs.1,303.78 crore compared to Rs.1,811.40 crore.However, the gross NPAs rose to 2.55 per cent ( Rs.5,335.95 crore) from 2.32 per cent ( Rs.5,033.55 crore).
Provisions for bad loans and contingencies came down to Rs.368.59 crore for the reported quarter, from Rs.407.93 crore parked aside for the year-ago period. "The Bank has not recognised any NPAs since 31 August, 2020, in line with the interim order of Supreme Court. If the said Order was not given effect to, the GNPA would have been 2. 70% and NNPA 0.74%. The Bank has, however, made provision for such advances," the bank said in a stock exchange filing.
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