Kotak Mahindra Bank today reported a 16% year-on-year rise in its standalone net profit for third quarter ended December 31. Net profit rose to Rs.1,854 crore, from Rs.1,596 crore in Q3FY20, up 16%. Share prices were up about 2% in noon trade.
Highlights of Kotak Mahindra Bank Q3 results:
Net Interest Income (NII) for Q3FY21 increased to Rs.4,007 crore, from Rs.3,430 crore in Q3FY20, up 17%.
Net Interest Margin (NIM) for Q3FY21 was at 4.51%.
CASA ratio as at December 31, 2020 stood at 58.9% compared to 53.7% as at December 31, 2019.
Advances as at December 31, 2020 were at Rs.214,103 crore ( Rs. 204,845 crore as at September 30, 2020 and Rs.216,774 crore as at December 31, 2019)
As at December 31, 2020, GNPA was 2.26% & NNPA was 0.50%.
"The Bank has not classified any NPAs since August 31, 2020, basis the interim order of Hon. Supreme Court. Had the Bank classified the borrowers more than 90 days overdue on December 31, 2020 as NPA, GNPA would be 3.27% September 30, 2020: 2.70%); NNPA would be 1.24% (September 30, 2020: 0.74%). The Bank has, however, made provision for such advances including towards interest accrued but not collected for the entire period, with moratorium," the bank said.
Capital adequacy ratio of the Bank as per Basel III, as at December 31, 2020 was 21.5% and Tier I ratio was 20.9%
COVID related provisions as at December 31, 2020 stood at Rs.1,279 crore. In accordance with the Resolution Framework for COVID-19 announced by RBI on August 6, 2020, as at December 31, 2020, the Bank has approved, for certain eligible borrowers, one-time restructuring of 0.28% of net advances.
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