Kotak Mahindra Bank posts Rs1124cr profit for Q4

Kotak Mahindra Bank posts Rs1124cr profit for Q4

MUMBAI: Kotak Mahindra Bank Ltd, one of the most professionally managed private sector banks in the country, reported a standalone net profit of Rs4084.30 crore for the financial year ending March 31, 2018 compared with Rs3411.50 crore for the corresponding period last year.

The bank’s net profit for the fourth quarter ending March 31, 2018 was to the tune of Rs1,124.05 crore compared with Rs976.48 crore for the comparable period last year.

The consolidated net profit of the banking group for the fourth quarter was Rs1789 crore (Rs1404 crore), whereas the full year consolidated net profit for the group was Rs6200.97 crore against the group’s previous year net income of Rs4940 crore

While the paid up share capital of the bank as on March 31, 2018 was Rs952.82 crore, the reserves had grown by about Rs10,000 crore during the year to reach Rs36,429 crore as of March 31, 2018. The board of directors has recommended a dividend of Rs0.70 per share of Rs five each. Dr Shankar Acharya, part time chairman will retire on July 19th as he is not seeking reappointment to the post.

While most public sector banks (PSBs) and even a few other leading private sector banks have been struggling after facing issues related to loans and the subsequent issue of quality of assets, Kotak Mahindra’s gross NPA stood at relatively benign 2.22 per cent and the net NPA was at 0.98 per cent as the year drew to a close.

In fact, the bank witnessed a smart overall growth with the assets having grown from Rs214,590 crore to Rs264,933 crore during the year, representing a growth of 23.5 per cent

This was amply supported by the growth in investments and advances during the period under review. While advances improved from Rs136,082 crore to Rs169,718 crore, increasing more than 24.72 per cent, the growth witnessed in investments was from Rs45,074 crore to Rs64,562 crore, an impressive improvement of more than 43 per cent.

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