1 min read.Updated: 26 Jul 2021, 02:11 PM ISTLivemint
On the asset quality front, the gross non-performing asset (NPA) stood at 3.56% against 3.25% on sequential basis whereas the net NPA came at 1.28% from 1.21%
Kotak Mahindra Bank's standalone net profit for the first quarter of the current fiscal rose 32% to ₹1,642 crore as compared to ₹1,244.4 crore in the corresponding quarter of the previous fiscal. The net interest income (NII), which is the difference between the interest earned and interest expended, grew 5.8% to ₹3,941.8 crore as against ₹3,723.8 crore year-on-year (YoY). The private lender's net interest margin (NIM) for Q1FY22 was at 4.60%.
Asset quality weakened during the quarter as the gross non-performing asset (NPA) stood at 3.56% against 3.25% on sequential basis whereas the net NPA came at 1.28% from 1.21% quarter-on-quarter (QoQ). Provisions and contingencies fell to ₹934.7 crore from ₹1,179.4 crore QoQ and ₹962 crore in the year-ago quarter.
CASA ratio as at June 30, 2021 stood at 60.2% compared to 56.7 % as at June 30, 2020. Average Current Account deposits grew by 28% to ₹46,341 crore for Q1FY22 compared to ₹36,066 crore YoY. Average Savings deposits grew by 10% to ₹116,218 crore for Q1FY22 compared to ₹105,673 crore for Q1FY21.
Capital adequacy ratio of the Bank as per Basel III as at June 30, 2021 was 23.1% and Tier I ratio was 22.2%.
Kotak Mahindra Bank said that Covid related provisions as at June 30, 2021 were maintained at ₹1,279 crore. In accordance with the Resolution Framework for COVID-19 and MSME announced by RBI, the Bank has implemented total restructuring of ₹552 crore as at June 30, 2021.
Shares of Kotak Mahindra Bank were trading over 1% higher at ₹1,741 per share on the BSE in Monday's afternoon deals.