Kotak Mahindra Bank Q4 Net jumps over 40% at Rs 976 cr

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Kotak Mahindra Bank Q4 Net jumps over 40% at Rs 976 cr

New Delhi, Apr 27 (PTI) Private sector lender Kotak Mahindra Bank’s standalone net profit jumped 40.3 per cent to Rs 976.48 crore during the last quarter ended March 2017.

The bank had reported a net profit of Rs 695.78 crore in the corresponding quarter of 2015-16 fiscal.

Total standalone income rose by 9.9 per cent to Rs 5,434.65 crore during the concluding quarter of 2016-17 as against Rs 4,947.32 crore in 2015-16, the bank said in a regulatory filing.

Looking at bank’s asset quality, there was a marginal uptick in gross non-performing assets (NPAs) ratio at 2.59 per cent of the gross advances as on March 31, 2017 from 2.36 per cent a year ago.

Likewise, net NPAs or bad loans were 1.26 per cent of the net advances as on March 31, 2017, slightly up from 1.06 per cent a year ago.

Thus, provisions for bad loans and contingencies too were restricted to Rs 267.37 crore for the quarter, against Rs 200.41 crore a year earlier.

For full fiscal 2016-17, Kotak Mahindra Bank’s net profit increased to Rs 3,411.50 crore from Rs 2,089.78 crore.

Total income in the last fiscal was Rs 21,176.09 crore, up from Rs 18,996.42 crore a year ago.

At the board of directors meeting held today, lender has proposed a dividend of Rs 0.60 per share for 2016-17.

Bank’s assets size grew to Rs 214,589.96 crore as at the end of March 2017 from Rs 192,259.79 crore in the year-ago period.

The stock was trading 1.26 per cent higher at Rs 911.70 on BSE.

This is published unedited from the PTI feed.