The Board of Directors of
Kotak Mahindra Bank approved the unaudited standalone and consolidated results for Q2FY22, at the Board meeting held in Mumbai, today.
The company’s standalone Net Interest Income (NII) for Q2FY22 increased to Rs4,021cr, from Rs3,897cr in Q2FY21, up 3% yoy. Net Interest Margin (NIM) for Q2FY22 was at 4.45%. Net Total Income for Q2FY22 was Rs5,833cr, up 9% yoy from Rs5,330cr in Q2FY21. The operating profit for Q2FY22 was Rs3,120cr, from Rs3,262cr in Q2FY21.
The Bank’s PAT for Q2FY22 increased to Rs2,032cr, up 24% from Rs1,642cr for Q1FY22 (Rs2,184cr for Q2FY21). Customer Assets, which includes Advances and Credit substitutes, increased by 17% to Rs256,353cr as at September 30, 2021 from Rs218,790cr as at September 30, 2020 (Rs235,358cr as at June 30, 2021).
Kotak Mahindra Bank Ltd istock was bullish on Tuesday and towards close of trade was trading at Rs2,219.60 per piece up by Rs62.45 or 2.9% from its previous closing of Rs2,157.15 per piece on the BSE. The scrip opened at Rs2,143.05 and has touched a fresh 52-week high of Rs2,238.50 per piece.
Advances increased by 15% to Rs234,965cr as at September 30, 2021 from Rs204,845cr as at September 30, 2020 (Rs217,465cr as at June 30, 2021). CASA ratio as at September 30, 2021 stood at 60.6% compared to 57.1% as at September 30, 2020.
Current Account deposits grew by 32% to Rs53,280cr as at September 30, 2021 from Rs40,454cr as at September 30, 2020. Savings deposits grew by 13% to Rs123,479cr as at September 30, 2021 from Rs108,990cr as at September 30, 2020. TD Sweep grew by 20% to Rs24,151cr as at September 30, 2021 from Rs20,184cr as at September 30, 2020.
TD Sweep deposits as at September 30, 2021 were 8.3% of total deposits (7.7% as at September 30, 2020).
COVID related provisions as at September 30, 2021 were maintained at Rs1,279cr. In accordance with the Resolution Framework for COVID-19 related stress of Individuals and Small Businesses, announced by RBI, the Bank has implemented total restructuring of Rs495cr (0.21% of Advances) as at September 30, 2021.
In addition, in accordance with the Resolution Framework for COVID-19 related stress of MSMEs, announced by RBI, the Bank hasimplemented total restructuring of Rs767cr (0.33% of Advances) as at September 30, 2021.
As at September 30, 2021, GNPA was 3.19% & NNPA was 1.06%. Credit cost on advances was 63 bps (annualized) for Q2FY22 (133 bps for Q1FY22). Capital adequacy ratio of the Bank as per Basel III as at September 30, 2021 was 21.8% and Tier I ratio was 20.8%.
Consolidated PAT for Q2FY22 was Rs2,989cr, up 65% from Rs1,806cr for Q1FY22 (Rs2,947cr for Q2FY21). For Q2FY22, the Bank’s contribution to the consolidated PAT was Rs2,032cr. The subsidiaries & associates net contribution was 32% of the consolidated PAT.
