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market | IST

Kotak Mahindra Bank's Q2 profit jumps 51% to Rs 1,724.5 cr, shares weak as NPAs rise marginally

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Kotak Mahindra Bank on Tuesday reported a 51 percent year-on-year jump in its standalone net profit which came in at Rs 1,724.5 in the second quarter ended on September 30.

Kotak Mahindra Bank on Tuesday reported a 51 percent year-on-year jump in its standalone net profit which came in at Rs 1,724.5 in the second quarter ended on September 30. The private sector lender had reported a net profit of Rs 1,141.6 in Q2FY19. A CNBC-TV18 poll had estimated the profit to the tune of Rs 1,555.2 crore for Q2FY20.
Kotak Mahindra Bank's net interest income (NII) jumped 25.2 percent, coming at Rs 3,349.6 crore against Rs 2,676.3 crore in the corresponding quarter of FY19.
Net interest margin (NIM) for Q2FY20 came at 4.61 percent, up from 4.19 percent in Q2FY19. The loan growth has been at 15 percent YoY.
The bank's non-performing assets (NPAs), however, increased slightly in the September quarter.
Gross NPA stands at Rs 5,033.5 crore against Rs 4,613.5 crore, rising 9.1 percent quarter-on-quarter (QoQ) basis, whereas Net NPA came in at Rs 1,811.4 crore against Rs 1,524.4 crore, a rise of 18.8 percent QoQ.
Provisions stood at Rs 408 crore against Rs 316.8 crore (QoQ) and Rs 354 crore (YoY).
In percentage terms, Gross NPA stands at 2.32 percent, while net NPA stands at 0.85 percent.
Kotak Mahindra Bank’s shares, however, slipped on Tuesday as non-performing assets increased in the September quarter earnings. At 2:25 pm, Kotak Mahindra Bank shares were down 0.20 percent to Rs 1,612 per share on the NSE. Intraday, the stock price slipped 1.42 percent to Rs 1,592.
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