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KOTAK Mahindra Bank Q2 net rises 21% to Rs 1,747 cr

KOTAK Mahindra Bank Q2 net rises 21% to Rs 1,747 cr

New Delhi: Private sector lender Kotak Mahindra Bank Wednesday reported a rise of 21.3 per cent in its consolidated net profit to Rs 1,747.37 crore in the second quarter ended September this fiscal.

The bank's had posted Rs 1,440.68 crore net profit in the July-September period of 2017-18.

Total income of the bank rose to Rs 10,829.08 crore in the second quarter, compared to Rs 9,140.40 crore in same period of the preceding fiscal, the bank said in a regulatory filing.

Its gross non-performing assets (NPAs) fell to 1.91 per cent of the gross loans at the end of September 30, 2018 as against 2.14 per cent a year ago.

In absolute terms, the gross bad loans stood at Rs 4,302.17 crore by the end of second quarter, 2018-19 compared to Rs 4,065.41 crore in same period a year ago.

Likewise, net NPAs or bad loans also came down to 0.73 per cent of net advances (Rs 1,617.66 crore) from 1.08 per cent (Rs 2,036.13 crore).

However, the provisions for bad loans and contingencies were raised to Rs 359.71 crore for the quarter from Rs 252.86 crore parked aside for same period previous fiscal, the bank said.

The bank said provision towards advances/others (including provisions for exposures to entities with un-hedged foreign currency exposures) stood at Rs 221.31 crore for the quarter, up from Rs 205.48 crore.

Kotak Mahindra Bank said it has allotted on August 2, 8.10 per cent perpetual non-convertible preference shares (PNCPS) to eligible investors at the issue price of Rs 5 per PNCPS, aggregating to Rs 500 crore, resulting in increased paid-up capital of the bank to the said extent.

On standalone basis, the net profit of the bank rose by 15 per cent to Rs 1,141.65 crore in the second quarter of this fiscal from Rs 994.31 crore in the same period a year ago. Income (standalone) was at Rs 7,016.17 crore compared to Rs 5,714.02 crore.

Consolidated capital & reserves and surplus as on September 30, 2018 was Rs 54,349 crore as against Rs 46,975 crore as on September 30, 2017.

Its consolidated advances were Rs 2.22 lakh crore by September-end, up from Rs 1.88 crore in the year-ago period.

Shares of the bank traded Rs 1,157.10 apiece, down 1.75 per cent on BSE in post-noon trade.

PTI

PTI

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