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Business News » Companies News

Kotak Mahindra Bank's standalone net profit at Rs 1,053 crore in Q3FY18; gross NPAs at 2.31%

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Kotak Mahindra Bank's standalone net profit at Rs 1,053 crore in Q3FY18; gross NPAs at 2.31%
Customers walking out a Kotak Mahindra Bank (KMB) branch. Photo: Youtube
Written By: ZeeBiz WebTeam
Updated: Fri, Jan 19, 2018
01:00 pm
Mumbai, ZeeBiz WebDesk
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Kotak Mahindra Bank surpassed analysts estimates, by witnessing nearly 20% rise in it's standalone net profit during quarter ended December 31, 2017 (Q3FY18).

The bank posted standalone net profit of Rs 1,053.21 crore in Q3FY18, rising by 19.71% from Rs 879.75 crore in the corresponding period of the previous year. Q3FY18 net profit was also up by 5.92% from Rs 994.31 crore in the preceding quarter.

A Bloomberg poll of experts predicted net profit of Rs 952 crore for Kotak in Q3FY18.

Standalone net interest income (NII) was at Rs 2,393.72 crore, registering growth of 16.74% from Rs 2,050.32 crore in Q3FY17 and by 3.50% from Rs 2,312.66 crore in Q2FY17.

Provisions of Kotal were at Rs 212.77 crore, which rose by 10.76% from Rs 192.10 crore in Q3FY17 but lower by 1.73% from Rs 216.53 crore in Q2FY18.

Meantime, gross NPAs of the bank were at Rs 3,714.99 crore, recording increase of 16.90% versus Rs 3,177.88 crore in Q3FY16 but decrease of 2.60% as against Rs 3,814.17 crore in Q2FY18.

In percentage terms, gross NPA of Kotak were at 2.31% in Q3FY18 - lower from 2.42% in Q3FY17 and 2.47% in Q2FY18.

Restructured loans considered standard were at Rs 67 crore - 0.04% of net advances.

Net NPA of Kotak were at 1.09% in Q3FY18 from 1.07% in Q3FY17 and 1.26% in Q2FY18.

Other income was at Rs 1,040 crore - higher from Rs 910 crore in Q3FY17 and Rs 954 crore in Q2FY18.

On consolidated basis, loan book stood at Rs 195,652 crore in Q3 from Rs 157,801 crore in Q3FY17.

Net interest margin stood at 4.2% lower from 4.5% a year ago same period.

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TAGS:
Kotak Mahindra BankKotak Mahindra Bank bad loansKotak Mahindra Bank Gross NPAKotak Mahindra Bank financial performanceKotak Mahindra Bank NIIKotak Mahindra Bank Q3 resultKotak Mahindra Bank net profitKotak Mahindra Bank Q3FY18Q3FY18Banking & financial service
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