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The private sector lender, Kotak Mahindra Bank, posted a 12.3% increase in its net profit estimates in the first quarter, due to a 130.5% increase in provisions. The net interest income of the bank increased by 15 percent to Rs 2,583 crore in the first quarter against Rs 2,246 crore in the period of the previous year. Provisions increased to Rs 469.63 crore in the quarter ended June 30 of Rs 203.74 crore YoY.
A Reuters poll estimated net profit to see an increase of 28 percent to Rs 1,165.4 crore in the first quarter of fiscal year 19.
(including subsidiaries), Kotak Bank has posted a 17% growth in net income to Rs 1,574 crore in the first quarter.
The solvency ratio of the bank, including unaudited profits, according to Basel III, as of June 30, 2018 was 18.3%, while the Tier I ratio was 17.6%.
The net interest margin was 4.3% in the first quarter. Advances at June 30 were up 24% to Rs 1.76 lakh crore.
Stable quality badet
The quality of the bank's badets remained stable. The ratio of gross non-performing badets rose from 2.58% a year ago to 2.17% in the first quarter. The net GNP ratio decreased by 1.25% yoy to 0.86%
The NPA gross and net PPN ratios decreased by 2.22% and 0.98% respectively sequentially.
The gross APM was 3,899.45 Rs. Crore in the first quarter compared to Rs 3,726.62 crore a year ago. The net APM for the first quarter was 1,527.14 rupees as against 1,777.93 rands year-on-year.
CASA sees growth
Average savings deposits rose 59% to 65,135 crores for the first quarter. The average current account balance increased 24% year-on-year to 26,649 crore.
The CASA ratio as of June 30, 2018 was 50.3% compared to 43.9% a year ago.
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