Kotak Mahindra Bank reports 40% rise in Q4FY17 net profit
Private sector lender Kotak Mahindra announced its financial result for the quarter ended on March 31. The bank reported a standalone net profit of Rs 976 crore, a rise of 11% on quarter-on-quarter basis as it posted a net profit of Rs 880 crore in the previous quarter. On year-on-year basis, the bank's net profit rose by 40% as against Rs 696 crore in Q4FY16.
The bank registered consolidated net profit ot Rs 1,404 crore, an increase of 33% on y-o-y basis.
The net interest income for Q4FY17 stood at Rs 2,161 crore, a jump of 16% as against Rs 1,857 crore in Q4FY17. The net interest margin for Q4FY17 was at 4.6% a marginal rise from 4.4% in Q4FY16.
As per the regulatory filing, as on March 31, 2017, the gross non-performing assets (GNPA) was 2.25% at Rs 3,803.92 crore and net NPA was 1.09% at Rs 1,8014.23 crore.
Advances as on March 31, 2017 were up by 15% y-o-y to Rs 1,36,082 crore as against Rs 1,18,665 crore as on March 31, 2016.
Commenting on the result, Uday Kotak, Executive Vice Chairman & Managing Director, Kotak Mahindra Bank, said, "During the year we completed the integration process. Subsequently, November 8, 2016, has been a game changer for Digital New India and formalisation of financial savings. Both these have significant long term impact on financial services and strengthen our core proposition of Concentrated India Diversified Financials."
At 1352 hours the shares of the bank were trading at Rs 905.70 per piece, up 0.59% or Rs 5.35 on BSE.