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Kotak Mahindra Bank Q4 net profit down by 10% to Rs. 1,267 crore

Kotak Mahindra Bank on Wednesday reported a 10 per cent  fall  in year-on-year (Y-o-Y) standalone net profit to Rs. 1,267 crore for the March quarter. The bank posted a net profit of Rs. 1,408 crore during the same quarter last year. 

On a sequential basis, the net profit dropped by 21 per cent from Rs. 1,596 crore reported during the December quarter.  

Provisions (other than tax) and contingencies jumped more than five times to Rs. 1,047 crore during the fourth quarter of FY20 from Rs. 171 crore reported for the same quarter previous year. 

The bank said it has made a COVID-19 related general provision of Rs. 650 crore, which is higher than the RBI requirement.

Total income of the bank grew by 8 per cent to Rs.8,294 crore during the March quarter from Rs. 8,294 in the year ago quarter while net interest income (NII) grew by 6.5 per cent to Rs. 6,805 crore from Rs. 6,391 crore during the same period. 

Asset quality of the bank deteriorated marginally. Gross non-performing assets (GNPA) as a percentage of total advances stood at 2.25 per cent as of the March quarter from 2.14 per cent in the same quarter last year. Net NPAs marginally improved to 0.71 per cent (0.75 per cent) during the period. 

Profit after Tax (PAT) for FY20 increased to Rs.5,947 crore (Rs.4,865 crore).

The bank’s advances as of March, 2020 were up 7 per cent to Rs.219,748 crore (Rs.205,695 crore) while total deposits grew 16 per cent YoY to Rs.262,821 crore.

Consolidated PAT for FY20 increased to Rs.8,593 crore (Rs.7,204 crore)

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