Kotak Mahindra Bank reported flat 33.85% yoy growth in total consolidated revenues for the Mar-21 quarter at Rs16,176cr. For the Mar-21 quarter, The company reported 45% yoy growth in treasury income.
However, revenues from corporate banking, retail banking and even vehicle finance business were down. Kotak reported good top line traction in broking and advisory but the 3-fold growth in revenues came from life insurance at Rs6,179cr. Total revenues were up 10.5% on a sequential basis.
For the Mar-21 quarter, the operating profits were up just 16.3% at Rs4,578cr. The lower growth in operating profits was on account of a sharp 5-fold spike in insurance related costs. Otherwise, the interest costs were sharply lower you.
Operating margins contracted from 32.58% in Mar-20 to 28.30% in Mar-21 quarter. However, gross NPAs were sharply up around 100 bps on a yoy basis as well as sequentially.
Profit after tax (PAT) for the Mar-21 quarter was up by 35.91% at Rs2,589cr. This sharp growth in net profits was explained by flat provisioning in the quarter on a yoy basis. For example, the loan loss provisioning in the Mar-21 quarter stood at Rs1,215cr almost at par with the Mar-20 quarter. PAT margins improved from 15.77% to 16.01% in the same period.
The CASA deposit ratio of Kotak Bank increased by over 400 bps to 60.2%. However, the net interest margins or NIMs were sequentially down from 4.72% to 4.39%. Net Interest income or NII for the quarter was up 7.9% at Rs3,843cr in Mar-21 quarter on a yoy basis.
Financial highlights for Mar-21 compared yoy and sequentially
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Kotak Bank |
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Rs in Crore |
Mar-21 |
Mar-20 |
YOY |
Dec-20 |
QOQ |
|
Total Income |
₹ 16,176 |
₹ 12,085 |
33.85% |
₹ 14,639 |
10.50% |
|
Operating Profit |
₹ 4,578 |
₹ 3,937 |
16.30% |
₹ 3,933 |
16.41% |
|
Net Profit |
₹ 2,589 |
₹ 1,905 |
35.91% |
₹ 2,602 |
-0.47% |
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Diluted EPS |
₹ 12.86 |
₹ 9.70 |
|
₹ 13.14 |
|
|
Operating Margins |
28.30% |
32.58% |
|
26.87% |
|
|
Net Margins |
16.01% |
15.77% |
|
17.77% |
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Gross NPA Ratio |
3.22% |
2.16% |
|
2.25% |
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Net NPA Ratio |
1.23% |
0.70% |
|
0.53% |
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Return on Assets |
0.54% |
0.45% |
|
0.56% |
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Capital Adequacy |
22.26% |
17.89% |
|
21.54% |
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