Kotak Mahindra Bank Consolidated PAT for Q1FY21 Rs. 1,853 crore

The Board of Directors of Kotak Mahindra Bank ("Kotak Bank") took on record the unaudited standalone and consolidated results for Q1FY21, at the Board meeting held in Mumbai, today.

Kotak Mahindra Bank standalone results

Net Interest Income (NII) for Q1FY21 increased to Rs. 3,724 crore from Rs. 3,161 crore in Q1FY20 up 17.8 %. Net Interest Margin (NIM) for Q1FY21 was at 4.4%.

Bank PAT for Q1FY21 was Rs. 1,244 crore (Rs. 1,360 crore in Q1FY20).

CASA ratio as on June 30, 2020 stood at 56.7% compared to 50.7% as on June 30, 2019.

Average Savings deposits crossed Rs. 1 lac crore, growing by 34% to Rs. 105,673 crore for Q1FY21 compared to Rs. 78,654 crore for Q1FY20. Average Current Account deposits grew by 10% to Rs. 36,066 crore for Q1FY21 compared to Rs. 32,679 crore for Q1FY20.

CASA and TDs below Rs. 5 crore as on June 30, 2020, constitute 90% of total deposits (82% as on June 30, 2019). TD Sweep deposits as on June 30, 2020 were 7.2% of the total deposits.

Customer Assets, which includes Advances and Credit substitutes, were Rs. 216,819 crore as on June 30, 2020 (Rs. 217,446 as on June 30, 2019). Advances as on June 30, 2020 were at Rs. 203,998 crore (Rs. 208,030 crore as on June 30, 2019).

The Bank has made an additional COVID 19 related general provision of Rs. 616 crore in Q1FY21. COVID related provisions as at June 30, 2020 stand at Rs. 1,266 crore (0.62% of net advances). Total provisioning towards Advances (including specific, standard and Covid provisions) is higher than the GNPA of the Bank.

Capital adequacy ratio of the Bank as per Basel III, as on June 30, 2020 is 21.2% and Tier I ratio is 20.6%. During the quarter, the Bank raised Rs. 7,442 crore through a QIP issuance of 6.5 crore equity shares.

As on June 30, 2020, the Bank had a national network of 1,600 branches and 2,516 ATMs, and branches in GIFT City and DIFC (Dubai), affording it the capacity and means to serve its customers through its wide presence.

As on June 30, 2020, GNPA was 2.70% & NNPA was 0.87%. As on June 30, 2020, SMA2 outstanding was Rs. 96 crore (0.05% of net advances).

Consolidated results at a glance

Consolidated PAT for Q1FY21 was Rs. 1,853 crore (Rs. 1,932 crore in Q1FY20).

For Q1FY21, the Bank's contribution to the PAT was Rs. 1,244 crore. The subsidiaries & associates net contribution was 33% of the consolidated PAT.

AUM (Policyholders') of Kotak Mahindra Life Insurance as on June 30, 2020 grew 17.4% YoY to Rs. 34,223 crore.

The Relationship Value of all the customers of Wealth, Priority Banking and Investment Advisory ~ Rs. 282,000 crore as on June 30, 2020.

Additional COVID 19 related general provision of Rs. 667 crore has been made at the consolidated level in Q1FY21, which includes Rs. 616 crore at the Bank level. Total provisions for COVID19 at the group stand at Rs. 1,381 crore as at June 30, 2020.

Consolidated Capital & Reserves and Surplus as on June 30, 2020 was Rs. 76,443 crore (Rs. 60,231 crore as on June 30, 2019). The Book Value per Share was Rs. 83.8.

Consolidated Customer Assets, including Advances and Credit Substitutes, were Rs. 245,167 crore as on June 30, 2020 (Rs. 255,084 crore as on June 30, 2019)

Total assets managed / advised by the Group as on June 30, 2020 were ~ Rs. 260,000 crore.

Shares of KOTAK MAHINDRA BANK LTD. was last trading in BSE at Rs.1349.9 as compared to the previous close of Rs. 1374.2. The total number of shares traded during the day was 216515 in over 8474 trades.

The stock hit an intraday high of Rs. 1364 and intraday low of 1342.55. The net turnover during the day was Rs. 292676006.

Source : Equity Bulls

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