On Friday, January 28, Kotak Mahindra Bank announced its Q3 results. The bank witnessed a 15% YoY rise in net profit to Rs 2,131 crore in the December quarter.
The net interest income grew 10% YoY to Rs 4,334 crore. The margin rose to 4.62% in Q3. The gross NPAs were at Rs 6,983 crore in Q3 as against Rs 7,658 crore in the same quarter the previous year. Net NPAs declined 19.6% sequentially to Rs 2,003.5 crore.
Consol Q3FY22 highlights:
Consol PAT at Rs. 3,403 cr up 31% YoY
Subs & associates:37% of Consol PAT
Major Subs PAT:Kotak Securities–Rs. 270 cr, Kotak Prime–Rs. 254 cr, Kotak Life Insurance–Rs. 247 cr, Kotak AMC & TC–Rs. 149 cr
Assets under mgt/advisory ~Rs. 386,465 cr up 23% YoY— Kotak Mahindra Bank (@KotakBankLtd) January 28, 2022
“In accordance with Covid and MSME Resolution Frameworks announced by RBI, the Bank has standard restructured fund-based outstanding of ₹1,364 core (0.54% of Advances) as at December 31, 2021,” the bank said. Kotak Mahindra Bank is the world’s 4th largest private lender founded by the world’s richest banker Uday Kotak. The shares of the Kotak Mahindra Bank were up by 2.52% at Rs 1,936.90 in early trade on NSE.