Kotak Mahindra Bank reports net profit of 13.9% in Q4

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Private lender Kotak Mahindra Bank reported a 13.9 per cent rise in its March 2019 quarter (Q4) consolidated net profit on account of higher net interest income.

Profit after tax at the consolidated level rose to Rs 2,038 crore in the fourth quarter of financial year 2018-19 from Rs 1,730 crore in the year-ago period (Q4 FY18). Total consolidated income went up 27 per cent year-on-year (YoY) to Rs 13,823 crore, said the bank in a filing to the stock exchanges on Tuesday.

At the standalone level, the bank reported a 25 per cent rise in net profit to Rs 1,408 crore from Rs 1,124 crore in the year-ago quarter. For the full year, the bank’s consolidated profit stood at Rs 7,204 crore in FY19, up 16 per cent from Rs 6,201 crore in FY18.

Gross non-performing assets (NPAs), as a percentage of total advances on a consolidated basis, fell to 1.94 per cent for the March quarter, against 1.95 per cent in the year-ago quarter, but was five basis points higher than in the December 2018 quarter.

The bank’s management said that the spike in NPAs came from all the sectors and was not due to any chunky exposure. The bank said that it is still cautious about lending to the real estate sector and would review further lending to auto companies.

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Private lender Kotak Mahindra Bank reported a 13.9 per cent rise in its March 2019 quarter (Q4) consolidated net profit on account of higher net interest income. Profit after tax at the consolidated level rose to Rs 2,038 crore in…