As all Q3 results are rolling out, Kotak Mahindra Bank reported a rise in profits by 16.1% to Rs 1,853.5 crore for the quarter that concluded on 31st December 2020. In comparison, profit for the previous year was Rs 1,596 crore.
The net interest income which is the difference between interest earned and interest spent has increased by 16.8% to Rs 4,007 crore in Q3FY21 against Rs 3,430 crore in the period last year.
Advances at the end of December 2020 were Rs 2,14,103 crore, falling by 1.2% in contrast to December 2019 which stood at Rs 2,16,774 crore.
Last year in December, the Reserve Bank of India has rewarded approval to re-appoint Uday Kotak as Managing Direction and Chief Executive Officer; Dipak Gupta as Joint Managing Director, and Prakash Apte as Part-time Chairman, for the duration of 3 years, beginning from January 2021.
Kotak Mahindra Bank, the country’s third-largest private sector lender by market cap earned an astounding 57% return in Q3 ended December 2020. After the rally across the banking sector for reducing non-performing assets (NPA) concerns and holding out hope for economic healing in the upcoming years, this has been a breakthrough. Although, there was some profit booking in the current year 2021 as it declined by 8% in the month of January till now.
According to Money Control, promoters have decreased holdings from 26.05% to 26.03% in the quarter ended December 2020. Along with that, for the same period, Mutual Funds have reduced from 9.29% to 7.58%. The number of Mutual Fund schemes fell from 38 to 27 in the December 2020 quarter.
Kotak Mahindra Bank Ltd shares are trading at Rs 1,800.05 as on 25th January 2021 (2:41 PM).