Kotak Mahindra Bank, provider of a wide range of financial services in India, reported an increase in its net profit for the first-quarter, both on consolidated and stand-alone basis, driven by significant growth in net interest and non-interest incomes.
The Mumbai-based bank's first-quarter consolidated net profit, after minority interest and share of associates, was Rs.627.50 crore or Rs.8.26 per share, compared with Rs.443.48 crore or Rs.5.95 per share in the first-quarter of last year. Net profit and earnings for the quarter grew by 41 percent and 39 percent respectively.
Net interest income during the quarter grew by 25 percent to Rs.1,374.04 crore from the Rs.1,100.62 crore in the corresponding quarter last year. Net interest margin for the quarter stood at 4.87 percent, compared with 4.7 percent in the previous year quarter.
Non-interest income for the quarter increased by 57 percent to Rs.1,356.22 crore from the Rs.861.81 crore reported in the same period last year.
Total consolidated income for the quarter amounted to Rs.4,332.98 crore from the Rs.3,331.64 crore in the previous year quarter, an increase of 30 percent.
As on June 30, the bank's consolidated capital adequacy ratio including profits as per Basel-II was 18.9 percent. Tier-I ratio is 17.8 percent.
On a consolidated basis, gross advances were Rs.68,418 crore, showing a growth of 20 percent over Rs.57,049 crore as on June 30 last year.
Gross non-performing assets as a proportion of gross advances were 1.58 percent, up from the 1.34 percent as on June 30, 2012, while net non-performing assets as a proportion of net advances rose to 0.80 percent from the 0.66 percent as at the end of June 2012.
Total assets managed/advised by the group as on June 30 were Rs.62,759 crore, compared with Rs.50,951 crore as on June 30, 2012, an increased of 23 percent.
The bank's first-quarter stand-alone net profit was Rs.402.82 crore or Rs.5.30 per share, compared with Rs.282.45 crore or Rs.3.79 per share in the first-quarter of last year. Net profit and earnings per shares grew by 43 percent and 40 percent respectively.
Net interest income during the quarter increased by 27 percent to Rs.916.66 crore from the Rs.721.31 crore in the corresponding quarter last year. Net interest margin was 4.8 percent, compared with 4.7 percent last year. Non-interest income for the quarter surged by 92 percent to Rs.462.39 crore from the Rs.241.15 crore reported in the same period last year.
Total stand-alone income for the quarter totaled Rs.2,652.40 crore, compared with Rs.2,056.98 crore in the previous year, registering a 29 percent growth.
For the quarter under review, income from "Treasury and BMU" was Rs.802.27 crore, higher by 39 percent than the Rs.576.38 crore in the corresponding quarter last year, while that of "Corporate/Wholesale Banking" was up by 21 percent at Rs.887.29 crore, compared with Rs.731.49 crore in the previous year quarter. Income for the quarter from "Retail Banking" amounted to Rs.1,567.41 crore, up by 15 percent from the Rs.1,357.30 crore in the preceding year quarter.
The bank's stand-alone capital adequacy ratio, as per Basel-II, as on June 2013 was 18.8 percent and Tier-I ratio 17.6 percent.
Stand-alone deposits as on June 30 this year stood at Rs.52,454 crore, up by 26 percent from the Rs.41,632 crore as on June last year, while advances were up by 19 percent to Rs.50,539 crore from the Rs.42,318 crore as at the end of June 2012.
The bank had 445 full-fledged branches at 260 locations and 967 ATMs as on June 30 this year.
At the BSE, Kotak Mahindra Bank shares are currently trading at Rs.696.25, down Rs.14 or 1.97 percent on a volume of 182,000 shares.
by RTT Staff Writer
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