Kotak Mahindra Bank consolidated Q3 net rises 28% to Rs 16.24 billion

Kotak Mahindra Bank on Friday reported 28.2 per cent rise in its third quarter consolidated net profit on healthy growth in advances.

Profit after tax on a consolidated level rose to Rs 16.24 billion for the quarter ended December 2017, from Rs 12.67 billion in the year ago period.

Total income rose 31.9 per cent year on year (YoY) to Rs 101.13 billion.

At the standalone level, the bank reported a 19.7 per cent rise in its net profit to Rs 10.53 billion, against Rs 8.80 billion in the year ago quarter.

Gross non-performing assets (GNPA) as a percentage of total advances on a consolidated basis moderated to 2.01 per cent for the quarter, against 2.11 per cent in the year ago quarter and 2.14 per cent in the second quarter ended September.

Net NPA stood at 0.94 per cent for the present quarter, from 0.92 per cent in the year ago quarter and 1.08 per cent from the September quarter.

Provisions other than tax for the current quarter stood at Rs 2.26 billion, up from Rs 2.18 billion in the year ago quarter and Rs 2.53 billion in the September quarter.

Gross NPA ratio on a standalone basis reduced to 2.31 per cent in the December 2017 quarter, against 2.42 per cent in year ago quarter and 2.47 per cent in the September quarter. However, net NPA was a little higher at 1.09 per cent in Q3 FY18, against 1.07 per cent a year ago and 1.26 per cent in the September quarter.

Consolidated capital adequacy ratio improved to 18.4 per cent in Q3 from 18 per cent a year ago.

Consolidated advances grew 24 per cent to Rs 1,956.52 billion in December 2017, while net interest margin fell 10 basis points sequentially to 4.2 per cent.

Low cost current and savings accounts (CASA) stood at 46.7 per cent at the standalone level in Q3 FY18 vs 42 per cent a year ago.

The bank's stock ended 1.39 per cent up at Rs 1,059.95 on the BSE on Friday.

Kotak Mahindra Group