Kotak Mahindra Bank's Q1 net up 12% to Rs 1,025 crore; total income up 19.44% at Rs 6,644.29 crore
NPAs of Kotak Mahindra Bank reduced to 2.17% of gross advances as of June quarter 2018-19 from 2.58 percent in the same period last year
New Delhi: Kotak Mahindra Bank on Thursday reported 12.29 percent rise in standalone net profit at Rs 1,024.94 crore for April-June, 2018-19.
The bank's net profit stood at Rs 912.73 crore in the corresponding period of 2017-18.
Total income during the quarter stood at Rs 6,644.29 crore, up 19.44 percent from the year-ago period, Kotak Mahindra Bank said in a regulatory filing.
Gross non-performing assets (NPAs) reduced to 2.17 percent of gross advances as of June quarter 2018-19 from 2.58 percent in the same period last year.
Net NPAs also came down to 0.86 percent of net advances from 1.25 percent in the year-ago period.
The bank said slippages were at Rs 321 crore as against Rs 594 crore in April-June, 2017-18.
Provisions for bad loans and contingencies were at Rs 469.63 crore for June quarter in comparison to Rs 203.74 crore in the same period a year ago.
Net Interest Income (NII) for the reported quarter rose to Rs 2,583 crore from Rs 2,246 crore earlier. Net Interest Margin (NIM) for the quarter under review was at 4.3 percent.
Shares of the bank were trading 1.52 percent lower at Rs 1,380.75 apiece on BSE.
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Most banks have already informed their customers that functioning of branches and offices will be impacted if the strike takes off
If history is any guide for things, tough times lie ahead for the two financial firms.
The deal will make Kotak the fourth largest private bank with combined assets of Rs1,60,012 crore (replacing Yes Bank, which had total assets of Rs1,16,231 crore as on September) and total branches of about 1,200.