The private sector lender had posted a net profit of Rs 1,724.48 crore during the same quarter a year ago.
Kotak Bank suggested an improving trend in asset quality and remains confident on the quantum of COVID-19 provisions made
Kotak Mahindra Bank on Monday reported 26.7 per cent jump in its standalone net profit to Rs 2,184.48 crore for the second quarter ended September 30. The private sector lender had posted a net profit of Rs 1,724.48 crore during the same quarter a year ago.
The total income (standalone) rose to Rs 8,288.08 crore in the July-September period as against Rs 7,986.01 crore in the year-ago period, Kotak Mahindra Bank said in a regulatory filing.
The bank’s asset quality improved on a net basis, with the non-performing assets (NPAs) falling to 0.64 per cent of the net advances as of September 30, 2020, from 0.85 per cent by September-end 2019.
In value terms, the net NPAs were down at Rs 1,303.78 crore compared to Rs 1,811.40 crore. However, the gross NPAs rose to 2.55 per cent (Rs 5,335.95 crore) from 2.32 per cent (Rs 5,033.55 crore).
Provisions for bad loans and contingencies came down to Rs 368.59 crore for the reported quarter, from Rs 407.93 crore parked aside for the year-ago period.
On a consolidated basis, the bank said the net profit rose by 22.4 per cent to Rs 2,946.62 crore during Q2FY21 as against Rs 2,407.25 crore a year ago. Total income grew to Rs 13,591.41 crore from Rs 12,542.99 crore.
The consolidated result of the bank included financials of its various domestic as well as international subsidiaries and associate companies.
Shares KMB was trading at Rs 1,376.30 apiece on BSE, down 0.49 per cent from its previous close.