Kotak Mahindra Bank’s standalone Q1 net profit up 12%

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Mumbai, July 19 (IANS) Kotak Mahindra Bank on Thursday reported a rise of more than 12 per cent in its standalone net profit for the first quarter of 2018-19.

According to the company, its Q1 net profit increased to Rs 1,025 crore from Rs 913 crore reported for the corresponding period of the previous financial year.

“Net Interest Income for Q1FY19 increased to 2,583 cr from 2,246 cr in Q1FY18, up by 15 per cent. Net Interest Margin for Q1FY19 at 4.3 per cent,” the bank said in a statement.

The bank disclosed that as on June 30, 2018, GNPA (gross non-performing asset) was at 2.17 per cent and NNPA (net non-performing asset) was 0.86 per cent.

“Slippages during the quarter were Rs 321 cr (0.18 per cent of net advances) down from Rs 594 cr in Q1FY18,” the statement said.

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On a consolidated basis, net profit during the quarter under review rose by 17 per cent to Rs 1,574 crore from Rs 1,347 crore reported for the previous financial year.

“For Q1FY19, the bank’s contribution to the PAT (profit after tax) was Rs 1,025 cr. The subsidiaries and associates net contribution was 35 per cent of the consolidated PAT,” the statement said.

As per the company’s statement, the total assets managed or advised by the group as on June 30, 2018 were up 31 per cent at Rs 199,193 crore from Rs 152,209 crore as on June

30, 2017.

–IANS

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