New Delhi: Private sector lender Kotak Mahindra Bank on Monday posted a 27 percent rise in consolidated net profit at Rs 1,789.24 crore for the quarter ended 31 March, 2018.
The bank had registered a net profit of Rs 1,404.34 crore in the January-March quarter of the previous financial year, 2016-17.
Total income (consolidated) grew to Rs 10,874.12 crore as against Rs 9,953.57 crore in the year-ago period, the bank said in a regulatory filing. In 2017-18, net profit was up 26 percent to Rs 6,201 crore from Rs 4,940 crore in 2016-17. Income in the full year grew to Rs 38,723.67 crore from Rs 33,905.44 crore.
The bank's asset quality improved as gross non-performing assets (NPAs) came down to 1.95 percent of gross advances as on 31 March, 2018, from 2.25 percent by the end of 2016-17.
In value terms, gross NPAs were Rs 4,071.04 crore of gross advances as compared to Rs 3,803.92 crore earlier.
Net NPAs were 0.86 percent (Rs 1 768.60 crore) as against 1.09 percent (Rs 1,814.23 crore).
However, provisions for bad loans and contingencies were raised to Rs 313.37 crore in the quarter under review from Rs 299.61 crore in the year-ago period.
The bank said its Board has recommended a dividend of Rs 0.70 paise per share.
Net interest income (NII) for 2017-18 increased to Rs 9,532 crore from Rs 8,126 crore in fiscal 2016-17, up 17 percent. During the quarter, NII went up 19 percent to Rs 2,580 crore from Rs 2,161 crore in the year-ago period.
Net interest margin (NIM) for the quarter under review stood at 4.35 percent as against 4.63 percent in the corresponding quarter of fiscal 2016-17.
Advances as on 31 March, 2018 were up 25 percent to Rs 1,69,718 crore as compared to Rs 1,36,082 crore as on 31 March, 2017.
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Updated Date: Apr 30, 2018 17:10:46 IST