Kotak Mahindra Bank's net profit rises almost 32% in the first quarter to ₹1,641 crore

Advertisement
Kotak Mahindra Bank's net profit rises almost 32% in the first quarter to ₹1,641 crore
BCCL
Private lender Kotak Mahindra Bank on Monday reported a nearly 32 per cent jump in its net profit to Rs 1,641.92 crore in the first quarter of 2021-22.

The bank had posted a net profit of Rs 1,244.45 crore in the same quarter of the previous fiscal year.

Total income during April-June 2021-22 rose to Rs 8,062.81 crore, from Rs 7,685.40 crore in Q1FY21, Kotak said in a regulatory filing.

Advertisement
However, interest income was down at Rs 6,479.78 crore during the reported quarter from Rs 6,911.86 crore in the year-ago period.

On asset front, gross non-performing assets (NPAs) rose to 3.56 per cent of the gross advances as of June 30, 2021, from 2.70 per cent on June 30, 2020.

Net NPAs or bad loans rose to 1.28 per cent from 0.87 per cent. Provisions for bad loans and contingencies were down slightly at Rs 934.77 crore in June 2021 quarter, as against Rs 962.01 crore put aside in the year-ago quarter.

Advertisement

Shares of the bank were trading higher by 0.77 per cent at Rs 1,736.45





Advertisement
SEE ALSO -
Reliance Retail, the cash cow for Mukesh Ambani’s RIL, may be hit by the second wave of the pandemic
Zomato, Paytm, Sony LIV, Disney+Hotstar back up after glitch takes down internet
{{}}