Kotak Mahindra Financial institution on Friday reported a 15% year-on-year rise in its internet revenue for the quarter ended December at Rs 2,131 crore, on account of regular internet curiosity revenue (NII) development and write-back of provisions. On a consolidated foundation, the financial institution’s bottomline rose 31% on yr to Rs 3,403 crore.
Throughout October-December, Kotak Mahindra Financial institution’s NII (the distinction between curiosity earned and expended) grew 12% on yr to Rs 4,334 crore. The financial institution’s internet curiosity margin grew to 4.62% within the reporting quarter from 4.36% a yr in the past.
Whole advances stood at Rs 2.52 lakh crore as of December-end, up 18% on yr and eight% on a sequential foundation. House loans and loans in opposition to property accounted for 25% of the financial institution’s whole buyer property and grew 38% on a yearly foundation, whereas company banking advances rose 8% on yr to Rs 68,095 crore.
Additional, the financial institution’s deposits rose 15% on yr to Rs 3.05 lakh crore as on December 31. The financial institution’s low-cost present account and financial savings account ratio stood at 59.9% as of December-end, greater than 58.9% a yr in the past.
On the asset high quality entrance, Kotak Mahindra Financial institution’s gross non-performing asset ratio (GNPA) improved to 2.71% as of December-end from 3.27% a yr in the past and three.19% final quarter. Internet non-performing asset ratio stood at 0.79% as on December 31, decrease than 1.24% a yr in the past and 1.06% as of September-end. The financial institution noticed recent slippages of Rs 750 crore and recoveries and upgrades of Rs 1,086 crore within the reporting quarter.
Throughout October-December, Kotak Mahindra Financial institution wrote again Covid-19 provisions amounting to Rs 131 crore as in opposition to Rs 424 crore of provisions made through the earlier yr. The lender continues to carry Rs 1,000 crore of extra Covid-19 associated provisions on its e book and as of December-end, its whole provisions together with particular, commonplace and Covid-19 provisions stood at Rs 7,269 crore. The financial institution’s capital adequacy ratio stood at 23.3% as of December-end, of which tier-I capital stood at 22.4%.