Kotak Mahindra Bank posts nearly 32 pc rise in Apr-Jun profit to Rs 1,641 cr

Private lender Kotak Mahindra Bank on Monday reported a nearly 32 percent jump in its net profit to Rs 1,641.92 crore in the first quarter of 2021-22.

The bank had posted a net profit of Rs 1,244.45 crore in the same quarter of the previous fiscal year.

Total income during April-June 2021-22 rose to Rs 8,062.81 crore, from Rs 7,685.40 crore in Q1FY21, Kotak said in a regulatory filing.

However, interest income was down at Rs 6,479.78 crore during the reported quarter from Rs 6,911.86 crore in the year-ago period.

On the asset front, gross non-performing assets (NPAs) rose to 3.56 percent of the gross advances as of June 30, 2021, from 2.70 percent on June 30, 2020.

Net NPAs or bad loans rose to 1.28 percent from 0.87 percent. Provisions for bad loans and contingencies were down slightly at Rs 934.77 crore in June 2021 quarter, as against Rs 962.01 crore put aside in the year-ago quarter.

Shares of the bank were trading higher by 0.77 percent at Rs 1,736.45 apiece on BSE.