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Friday, July 19, 2013

Interest income lifts Kotak Bank Q1 net 43%

Kotak Mahindra Bank has posted a 43 per cent jump in net profit at Rs 403 crore during April-June quarter of this fiscal against Rs 282 crore in the year-ago quarter. The profit was driven by a spike in interest income and robust loan growth.

Net interest income (difference between interest earned and expended) rose 27 per cent to Rs 917 crore from Rs 721 crore in Q1FY’13. Other income increased over 90 per cent to Rs 462 crore in Q1FY’14 from Rs 241 crore in Q1FY’13.

During the quarter, provisions towards loans increased 155 per cent to Rs 134 crore from Rs 52 crore in the year-ago period.

Percentage of gross non-performing assets (NPAs) increased to 1.95 per cent from 1.6 per cent, while net NPAs were up at 0.98 per cent against 0.8 per cent. Net interest margin increased to 4.8 per cent from 4.7 per cent.

As on June 30, 2013, year-on year advances grew 19 per cent to Rs 50,539 crore from Rs 42,318 crore in Q1FY’13. Deposits increased 26 per cent to Rs 52,454 crore from Rs 41,632 crore.

Consolidated results


The bank has reported a consolidated net profit of Rs 627 crore, up 42 per cent from Rs 443 crore in the corresponding quarter last year.

Consolidated profit comes from its subsidiaries — Kotak Mahindra Prime, Kotak Securities, Kotak Mahindra Capital, Kotak Mahindra Old Mutual Life Insurance, among others.

At 1.45 p.m., the shares of Kotak Bank were trading lower by 2.2 per cent at Rs 694.60 per share on the Bombay Stock Exchange.

beena.parmar@thehindu.co.in

Source: thehindubusinessline

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