Kotak Mahindra Financial institution Q2 outcomes: Revenue falls 7% YoY to Rs 2,032 crore

NEW DELHI: Kotak Mahindra Financial institution on Tuesday reported a 7 per cent year-on-year (YoY) fall in standalone web revenue at Rs 2,032 crore in contrast with Rs 2,184 crore posted within the corresponding quarter final yr. On a sequential foundation, the determine grew 24 per cent over Rs 1,642 crore within the June 2021 quarter.

Web curiosity earnings (NII) for the financial institution rose 3 per cent YoY to Rs 4,021 crore from Rs 3,897 crore in the identical quarter final yr. Web curiosity margin (NIM) for the quarter got here in at 4.45 per cent, the personal lender mentioned in a BSE submitting.

Gross non-performing property (GNPA) ratio stood at 3.19 per cent within the September quarter, which was higher than 3.56 per cent within the June quarter, however increased than 2.70 per cent (pro-forma) within the year-ago quarter.

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Provisions and contingencies for the quarter fell sequentially to Rs 424 crore from Rs 704 crore within the previous quarter however was increased than Rs 333 crore within the year-ago quarter.

The financial institution mentioned whole provisions, together with particular, normal, COVID-19 associated ones, stood at Rs 7,637 crore, almost 100 per cent of gross NPAs. It included Rs 1,279 crore in Covid-19 provisions, which weren’t utilised throughout the first half of the monetary yr.

Provision protection ratio stood at 67 per cent as on September 30, the financial institution mentioned in an trade submitting.

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Present account deposits grew 32 per cent to Rs 53,280 crore within the September 2021 quarter from Rs 40,454 crore within the year-ago quarter. Financial savings deposits grew 13 per cent to Rs 1,23,479 crore from Rs 1,08,990 crore YoY.

In accordance with the decision framework for Covid-19 associated stress of people and small companies, introduced by RBI, the financial institution carried out a complete restructuring of Rs 495 crore (0.21 per cent of Advances) as at September 30.

Equally, the financial institution carried out whole MSMEs restructuring of Rs 767 crore (0.33 per cent of advances) as at September 30, the financial institution mentioned.

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