Kotak Mahindra Bank PAT up 16% for Q3 at Rs 1,854 cr
New Delhi: Private sector lender Kotak Mahindra Bank on Monday reported 16 per cent soar in its revenue after tax for Q3 FY21 to Rs 1,854 crore from Rs 1,596 crore in the identical interval of final fiscal 12 months.
In Q3 FY20, the availability for tax was decrease on account of some beneficial tax orders. The financial institution’s pre-tax revenue for Q3 FY21 was Rs 2,484 crore, up 28 per cent from Rs 1,944 crore in Q3 FY20. Net curiosity earnings elevated by 17 per cent to Rs 4,007 crore from Rs 3,430 crore in Q3 final fiscal whereas internet curiosity margin for was at 4.51 per cent.
The CASA (present account financial savings account) ratio as on December 31, 2020 stood at 58.9 per cent in comparison with 53.7 per cent final 12 months.
Q3FY21 Consol highlights:Consol PAT for Q3FY21 Rs. 2,602 cr up 11% YoYMajor Subsidiaries PAT for Q3FY21: Kotak Securities –Rs.184 cr, Kotak Life Insurance – Rs. 167 cr, Kotak Mahindra Prime – Rs. 149 cr and Kotak AMC & TC –Rs. 91 crAssets underneath mgmt. /advisory ~Rs 3,14,833 cr
— Kotak Mahindra Bank (@KotakBankLtd) January 25, 2021
Average financial savings deposits grew by 29 per cent to Rs 1.07 lakh crore for 9M FY21 in comparison with Rs 83,049 crore for 9M FY20. Average present account deposits grew by 13 per cent to Rs 37,533 crore in comparison with Rs 33,258 crore in the identical interval final 12 months.
Advances as on December 31, 2020 have been at Rs 2.14 lakh crore (Rs 2.04 lakh crore as on September 30, 2020 and Rs 2.16 lakh crore as on December 31, 2019).
Customer belongings which embody advances and credit score substitutes have been Rs 2.28 lakh crore as on December 31, 2020 (Rs 2.18 lakh crore as on September 30, 2020 and Rs 2.27 lakh crore as on December 31, 2019).
In accordance with the Resolution Framework for Covid-19 introduced by the Reserve Bank of India on August 6 final 12 months, the financial institution permitted one-time restructuring of 0.28 per cent of internet advances for sure eligible debtors until December-end.
The gross non-performing belongings have been 2.26 per cent and internet NPAs 0.5 per cent. The financial institution has, nonetheless, made provision for such advances together with in the direction of curiosity accrued however not collected for your complete interval with moratorium.
Capital adequacy ratio of the financial institution as per Basel III as on December 31, 2020 was 21.5 per cent and tier-one ratio was 20.9 per cent.
The group’s consolidated internet value stands at Rs 81,616 crore. The lender has a nationwide footprint of 1,603 branches and a pair of,573 ATMs in addition to branches in GIFT City and Dubai International Financial Centre.