Markets: Eerie calm

Markets: Eerie calm

it is not clear when market sentiment can change; as in the past, it can be quite sudden.
At a turn and yet not

At a turn and yet not

RBI could be tempted to cut policy rate to support growth at its bi-monthly review.

Kotak Mahindra Bank net profit up 47%

May 03 2013, 14:55 IST
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SummaryKotak Mahindra Bank’s (KMB) standalone net profit rose by 47% y-o-y to Rs 436 crore.

Kotak Mahindra Bank’s (KMB) standalone net profit in the three months to March 2013 rose by 47% y-o-y to Rs436 crore. The bottomline was helped by a 31% y-o-y rise in net interest income to Rs903 crore. Other income grew 43% y-o-y to R364 crore, while total income grew 29% y-o-y to Rs2,572 crore.

The bank’s net interest margin (NIMs) was up 10 bps sequentially at 4.7%. For FY14, “our broad view on NIMs is about 4.5% mark”, said Uday Kotak, executive vice-chairman and managing director, KMB. Shares of KMB climbed as much as 2% to Rs725, a 52-week high, on Thursday on the Bombay Stock Exchange, before closing at R716.90.

The asset quality of the private sector bank deteriorated slightly with gross net performing assets (NPAs) sequentially rising 10 bps to 1.30%, and net NPAs marginally rising to 0.63% in the January-March period from 0.62% in the October-December period. The bank restructured Rs10.7 crore worth assets in the quarter, while it had restructured assets worth Rs20 crore in the corresponding quarter last year.

Provisions and contingencies rose to Rs37 crore against Rs4 crore last year. In the third quarter, provisions and contingencies stood at Rs43 crore.

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