Kotak Mahindra Bank logs 11% growth in Q3 net profit

Mumbai, Jan 25 (IANS) Kotak Mahindra Bank on Monday reported a 10.76 per cent increase in its consolidated net profit for the October-December quarter at Rs 2,601.67 crore.

During the same quarter last fiscal, the bank had reported a net profit of Rs 2,348.72 crore.

In a regulatory filing, the Kotak Mahindra Bank said that for Q3FY21, the bank's contribution to the consolidated profit after tax was Rs 1,854 crore. The net contribution of subsidiaries and associates was 29 per cent of the consolidated PAT.

The consolidated net worth as at December 31, 2020 was Rs 81,616 crore.

The bank's net interest income (NII) for Q3FY21 increased to Rs 4,007 crore, from Rs 3,430 crore in Q3FY20, up 17 per cent. Net Interest Margin (NIM) for Q3FY21 was at 4.51 per cent.

COVID related provisions as at December 31, 2020 stood at Rs 1,279 crore. In accordance with the Resolution Framework for COVID-19 announced by RBI on August 6, 2020, as at December 31, 2020, the Bank has approved, for certain eligible borrowers, one-time restructuring of 0.28 per cent of net advances.