new Delhi. Private sector Kotak Mahindra Bank's standalone net profit declined 8.5 percent to Rs 1,244.45 crore in the April-June quarter of the current financial year. The net profit of the bank was Rs 1,360.20 crore in the same period of the previous fiscal year 2019-20. In its information to the stock market, the bank said on Monday that its net profit in the period, however, remained the same as in the January-March quarter. The bank had a net profit of Rs 1,266.60 crore in the last quarter of FY 2019-20. During the review period, the bank's total standalone income stood at Rs 7685.40 crore as against Rs 7,944.61 crore in the same period of the previous financial year.
The bank's net interest income grew 18 per cent to Rs 3724 crore compared to the same period last year. Net interest income is the difference between the interest earned by the bank and the interest paid.
The bank's provision for stranded loans increased to Rs 962.01 crore for the quarter ended June 30. It was Rs 316.76 crore in the same quarter last fiscal. However, this is lower than the provision of Rs 1,047.47 crore in the previous January-March quarter. The bank's NPAs stood at 2.70 percent during the period under review, as against 2.19 percent in the April-June quarter of 2019-20. The gross NPA of the bank in the first quarter by value was Rs 5,619.33 crore as against Rs 4,613.52 crore in the same period of the previous fiscal. Kotak Mahindra Bank's net profit on a consolidated basis declined 4.1 percent to Rs 1,852.59 crore in the first quarter. It was Rs 1,932.21 crore in the same period of 2019-20. The consolidated total income of the bank during this period stood at Rs 12,323.15 crore as against Rs 12,129.56 crore in the same period last year.
This post was published on July 27, 2020 6:51 pm
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