Home / Companies / Company Results / Kotak Mahindra Bank Q4 results: Net profit jumps to ₹2,767 crore

Kotak Mahindra Bank Q4 results: Net profit jumps to ₹2,767 crore

The proposed merger will help Kotak Mahindra Bank boost its retail biz. pradeep gaur (MINT_PRINT) — The proposed merger will help Kotak Mahindra Bank boost its retail biz. pradeep gaur **(MINT_PRINT)**

1 min read . Updated: 04 May 2022, 01:41 PM IST Livemint

On a yearly basis, net profit for FY22 increased to ₹8,573 crore from ₹6,965 crore in FY21 up 23%.

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Kotak Mahindra Bank today reported a net profit of ₹2,767 crore for the quarter ended March 31, up 65% from ₹1,682 crore in Q4FY21, on a standalone basis. In afternoon trade, Kotak Mahindra shares shares were trading at ₹1797, up 1%, on BSE.

Kotak Mahindra Bank said it had reversed COVID-19 provision of ₹453 crore during the quarter. However, as at March 31, 2022, COVID related provisions stood at ₹547 crore, the bank said.

The Board of Directors of the Kotak Mahindra Bank has recommended dividend of ₹1.10 per equity share having face value of ₹5, for the year ended March 31, 2022, subject to approval of shareholders

In Q4, the lender's net interest income (NII) increased to ₹4,521 crore, from ₹3,843 crore in Q4FY21, up 18%. Net Interest Margin (NIM) was 4.78 % for Q4FY22. Fees and services for Q4FY22 was ₹1,697 crore, up 23% YoY.

Advances increased by 21% to ₹2,71,254 crore as at March 31, 2022 from ₹223,670 crore as at March 31, 2021 ( ₹252,935 crore as at December 31, 2021). Advances grew 7.2% (not annualised) during Q4FY22.

CASA ratio as at March 31, 2022 stood at 60.7%.

As at March 31, 2022, GNPA was 2.34% & NNPA was 0.64%. Credit cost on advances for Q4FY22 was 27 bps (annualised) (excluding reversal of COVID provision). The provision coverage ratio stood at 73.2%. Total provisions (incl specific, standard, COVID-19 related etc.) held as on March 31, 2022 was at ` 6,710 crore.

Capital adequacy ratio of the Bank, as per Basel III, as at March 31, 2022 was 22.7% and Tier I ratio was 21.7%.

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