Kotak Mahindra Bank on Wednesday reported a 65% YoY jump in profits on Wednesday. It’s profit for the quarter was Rs 2,767.40 crores against Rs 1,682.37 crores for the corresponding quarter last year.
The bank’s total income for the quarter surged 11.8% from Rs 7,953.12 crores last year to Rs 8,892.26 crores this quarter. The lender’s Net Interest Income, the main income source for any bank, grew 18% to Rs 4,521 crores while fees & other income grew 23% to Rs 1,697 crores. This brought up the bank’s net margin to 4.78% for the quarter.
For the year ended on 31st March, 2022, the company’s Net Interest Income surged 9.63% to Rs 16,818 crores, fees and services income grew 33.48% to Rs 5,781 crores while other income saw a marginal decline.
Annually, net profit jumped 23.1% to Rs 8,573 crores. The major contributor to profit was not the 14% growth in total income to Rs 23,172 crores. The greatest contributor was the 72% decline in provisions available as on 31st March 2022. Provisions fell from Rs 2,459 crores last year to Rs 649 crores this year.
The stock of the company has been rallying upward for the past week as it rose 5.4% during this time period. It rose 1.6% today & closed at Rs 1,797.60 per share.
Highlight by Aman Agarwal.