Kotak Mahindra Bank Q1 consolidated up 23 pc; standalone net jumps 33 pc to Rs 1,360 cr
New Delhi: Kotak Mahindra Bank Monday reported a jump of 23 percent in its consolidated net profit at Rs 1,932 crore in the first quarter ended June 30.
The private sector bank had posted a net profit of Rs 1,574 crore during the corresponding quarter of the previous fiscal ended March 2019.
On a standalone basis, the lender posted a 33 percent rise in its net profit to Rs 1,360 crore during the June quarter of 2019-20, against Rs 1,025 crore in the year-ago same period, the bank said in a release.
Its total income on a consolidated basis increased to Rs 12,129.56 crore during the quarter, from Rs 9,903.56 crore in the corresponding period of 2018-19. On a standalone basis, the income rose to Rs 7,944.61 crore from Rs 6,644.29 crore during the period, the bank said in a regulatory filing.
The lender said the net contribution from subsidiaries and the associates in its consolidated net profit was to the tune of 30 percent.
The bank's asset quality was restricted to a maintainable position, as the gross non-performing assets (NPAs) were only marginally up at 2.19 percent of the gross advances as at the end of June 2019 from 2.17 percent as on June 2018.
Net NPAs or bad assets, however, came down to 0.73 percent from 0.86 percent a year ago.
The provisions towards bad loans and contingencies on a consolidated basis were down at Rs 350.22 crore in the April-June period of this fiscal, as against Rs 498.98 crore parked aside by the bank in the year-ago same period.
Shares of Kotak Mahindra Bank closed 3.08 percent down to Rs 1,453.65 apiece on the BSE.
