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.
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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.