Kotak Mahindra Bank Q1 profit misses estimates; 8 key highlights
Kotak Bank's provisions and contingencies declined 32.55 per cent YoY to Rs 316.76 crore.
Provisions and contingencies declined 32.55 per cent YoY to Rs 316.76 crore during the quarter under review. However, the figures jumped 84.96 per cent on a quarterly basis.
Here are top highlights from Kotak Mahindra Bank’s June quarter earnings:
Net interest income rises
Net Interest Income (NII) for Q1FY20 increased 23 per cent to Rs 3,173 crore from Rs 2,583 crore in Q1FY19,
Net interest margin (NIM) rose to 4.49 per cent up from 4.28 per cent on a yearly basis.
As on June 30, 2019, gross non-performing assets were (NPAs) were 2.19 per cent and net NPAs stood at 0.73 per cent.
Advances as on June 30, were up 18 per cent at Rs 2,08,030 crore compared with Rs 1,76,927 crore in the year-ago period.
Average savings deposits grew 21 per cent to Rs 78,654 crore compared with Rs 65,135 crore a year ago.
Average Current Account deposits grew 23 per cent to Rs 32,679 crore in June quarter.
CASA ratio as of June 30 stood at 50.7 per cent compared with 50.3 per cent a year ago.
Capital Adequacy Ratio
Capital adequacy ratio of the Bank, as per Basel III, as on June 30, 2019 was 17.8 per cent and Tier I ratio at 17.3 per cent.
As on June 30, the Bank had a network of 1,503 full-fledged branches and 2,394 ATMs.
Consolidated profit for the June quarter increased 23 per cent to Rs 1,932 crore from Rs 1,574 crore in Q1FY19. The lender’s subsidiaries and associates net contribution was 30 per cent of the overall net.