Kotak Mahindra Bank reports 24 pc jump in Q3 net profit at Rs 1,596 crore

Kotak Mahindra Bank said on Monday its standalone profit after tax totalled Rs 1,596 crore during the third quarter of current financial year (Q3 FY20), up 24 per cent on a year-on-year basis.

Kotak Mahindra Bank said on Monday its standalone profit after tax totalled Rs 1,596 crore during the third quarter of current financial year (Q3 FY20), up 24 per cent on a year-on-year basis. Net interest income increased to Rs 3,430 crore from Rs 2,926 crore in Q3 FY19, up by 17 per cent. Net interest margin for Q3 FY20 at 4.69 per cent was up from 4.31 per cent in Q3 FY19.

CASA (current account savings account) ratio as on December 31, 2019 stood at 53.7 per cent compared to 50.7 per cent as on December 31, 2018. TD sweep deposits were 7.4 per cent of the total deposits while the cost of savings account was 5.27 per cent. The average savings deposits grew by 20 per cent to Rs 83,049 crore for the first nine months of current fiscal compared to Rs 69,256 crore for 9M FY19.

On the other hand, average current account deposits grew by 19 per cent to Rs 33,258 crore for 9M FY20 compared to Rs 28,026 crore for 9M FY19, the bank said in a statement. The account deposits grew by 19 per cent to Rs 33,258 crore for 9M FY20 compared to Rs 28,026 crore for 9M FY19. The gross non-performing assets were 2.46 per cent and net non-performing assets totalled 0.89 per cent.

Advances as on December 31, 2019 were up by 10 per cent to Rs 216,774 crore (Rs 196,432 cr as on December 31, 2018) while capital adequacy ratio as per Basel III norms was 18.2 per cent and tier-one ratio was 17.7 per cent. As on December 31 last year, the bank had a network of 1,539 full-fledged branches in India and 2,447 ATMs.

(ANI)

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