Kotak Mahindra Bank reports 7 pc fall in Sep qtr profit at Rs 2,032 cr

Net NPAs were at 1.06 per cent, up from 0.64 per cent The banks provisions for bad loans and contingencies for September quarter were increased to Rs 423.99 crore from Rs 333.22 crore parked aside in year ago quarter.On a consolidated basis, the bank reported marginal rise in its net profit at Rs 2,989 crore in Q2FY22, from Rs 2,947 crore in same quarter of previous fiscal.

Private sector Kotak Mahindra Bank on Tuesday reported about a 7 percent decline in its net profit to Rs 2,032 crore in the second quarter ended September 2021.

The bank had posted a net profit of Rs 2,184 crore in the same quarter of the previous fiscal year.

Total income during the July-September period of 2021-22, however, grew to Rs 8,408.87 crore, as against Rs 8,252.71 crore in the same period of 2020-21, Kotak Mahindra Bank said in a regulatory filing.

Net interest income for Q2FY22 increased to Rs 4,021 crore from Rs 3,897 crore in Q2FY21, up 3 percent. The net interest margin for the quarter was at 4.45 percent.

On the asset front, the bank's gross non-performing assets (or bad loans) stood at 3.19 percent by end of the September 2021 quarter, up from 2.55 percent by end of the year-ago period. Net NPAs were at 1.06 percent, up from 0.64 percent The bank's provisions for bad loans and contingencies for the September quarter were increased to Rs 423.99 crore from Rs 333.22 crore parked aside in the year-ago quarter.

On a consolidated basis, the bank reported a marginal rise in its net profit at Rs 2,989 crore in Q2FY22, from Rs 2,947 crore in the same quarter of the previous fiscal. Total income rose to Rs 15,341.65 crore for the quarter from Rs 13,548.33 crore. ''For Q2FY22, the bank's contribution to the consolidated PAT (profit after tax or net profit) was Rs 2,032 crore. The subsidiaries and associates net contribution was 32 percent of the consolidated PAT,'' the bank said in a release.

The stock of Kotak Mahindra Bank traded at Rs 2,220.40 apiece on BSE, up 2.93 percent from the previous close.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)