Fri, 26 Feb 2021

Mumbai (Maharashtra) [India], January 25 (ANI): Private sector lender Kotak Mahindra Bank on Monday reported 16 per cent jump in its profit after tax for Q3 FY21 to Rs 1,854 crore from Rs 1,596 crore in the same period of last fiscal year.

In Q3 FY20, the provision for tax was lower due to some favourable tax orders. The bank's pre-tax profit for Q3 FY21 was Rs 2,484 crore, up 28 per cent from Rs 1,944 crore in Q3 FY20.

Net interest income increased by 17 per cent to Rs 4,007 crore from Rs 3,430 crore in Q3 last fiscal while net interest margin for was at 4.51 per cent.

The CASA (current account savings account) ratio as on December 31, 2020 stood at 58.9 per cent compared to 53.7 per cent last year.

Average savings deposits grew by 29 per cent to Rs 1.07 lakh crore for 9M FY21 compared to Rs 83,049 crore for 9M FY20. Average current account deposits grew by 13 per cent to Rs 37,533 crore compared to Rs 33,258 crore in the same period last year.

Advances as on December 31, 2020 were at Rs 2.14 lakh crore (Rs 2.04 lakh crore as on September 30, 2020 and Rs 2.16 lakh crore as on December 31, 2019).

Customer assets which include advances and credit substitutes were Rs 2.28 lakh crore as on December 31, 2020 (Rs 2.18 lakh crore as on September 30, 2020 and Rs 2.27 lakh crore as on December 31, 2019).

In accordance with the Resolution Framework for Covid-19 announced by the Reserve Bank of India on August 6 last year, the bank approved one-time restructuring of 0.28 per cent of net advances for certain eligible borrowers till December-end.

The gross non-performing assets were 2.26 per cent and net NPAs 0.5 per cent. The bank has, however, made provision for such advances including towards interest accrued but not collected for the entire period with moratorium.

Capital adequacy ratio of the bank as per Basel III as on December 31, 2020 was 21.5 per cent and tier-one ratio was 20.9 per cent.

The group's consolidated net worth stands at Rs 81,616 crore. The lender has a national footprint of 1,603 branches and 2,573 ATMs besides branches in GIFT City and Dubai International Financial Centre. (ANI)

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