Kotak Mahindra Bank Q4 profit down 4 pc to Rs 1,952 cr

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Kotak Mahindra Bank reported 4 per cent decline in consolidated net profit at Rs 1,951.82 crore for the fourth quarter due to COVID-19 related provisions
4 per cent decline in consolidated net profit at Rs 1,951.82 crore

New Delhi, May 13 (PTI) Kotak Mahindra Bank on Wednesday reported 4 per cent decline in consolidated net profit at Rs 1,951.82 crore for the fourth quarter ended March 2020 due to COVID-19 related provisions.

The private sector lender clocked a profit of Rs 2,038.27 crore in the same quarter of the previous financial year.

Total income declined to Rs 12,084.71 crore during the latest quarter, down from Rs 13,823.33 crore in the year-ago period, the bank said in statement.

During the quarter, the standalone profit also came down by 10 per cent to Rs 1,267 crore as compared to Rs 1,408 crore in the same period a year ago.

However, total income grew to Rs 8,294.07 crore as against Rs 7,672.56 crore in the year-ago period.

Gross non-performing assets (NPAs) or bad loans of the lender were 2.25 per cent of the gross loans as on March 31, 2020, slightly up from 2.14 per cent at March-end 2019.

However, net NPAs were marginally down at 0.71 per cent from 0.75 per cent a year ago.

“Advances as on March 31, 2020 were up 7 per cent to Rs 2,19,748 crore as against Rs 2,05,695 crore as on March 31, 2019. Bank has made a COVID-19 related general provision of Rs 650 crore, which is higher than the RBI requirement. Total provisioning towards Advances (including specific, standard and COVID-19 provisions) is higher than the GNPA of the bank,” it said.

In accordance with the RBI circular dated April 17, it said, the board of directors of Kotak Mahindra Bank has not recommended any dividend for 2019-20.

Source: PTI

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