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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%.

On a yearly basis, Kotak Mahindra Bank's net profit for FY22 increased to 8,573 crore from 6,965 crore in FY21 up 23%. And net interest income FY22 increased to 16,818 crore, from 15,340 crore in FY21, up 10%.

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