Kotak Mahindra Bank Q2 net profit rises 26% to ?2,184 cr

Kotak-Mahindra-Bank

New Delhi: Private sector lender Kotak Mahindra Bank on Monday reported 26% jump in net profit for quarter ending 30 September, 2020 at ?2,184 crore. It was ?1,724 crore a year ago.

Net interest income for Q2FY21 increased to ?3,913 crore, from ?3,350 crore in Q2FY20, up 17%. Net Interest Margin (NIM) for Q2FY21 was at 4.52%.

CASA ratio as on 30 September, 2020 stood at 57.1% compared to 53.6% as on 30 September, 2019.

Average savings deposits grew by 32% to ?1,06,442 crore for H1FY21 compared to ?80,425 crore for H1FY20.

Covid-related provisions as of 30 September, 2020 stood at ?1,279 crore (0.62% of net advances).

As on September 30,2020, gross NPA was 2.55% & net NPA was 0.64%. “The Bank has not recognised any NPAs since 31 August, 2020, in line with the interim order of Supreme Court. If the said Order was not given effect to, the GNPA would have been 2. 70% and NNPA 0.74%. The Bank has, however, made provision for such advances,” the bank said in a stock exchange filing.

News Source:- livemint

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