Kotak Mahindra Bank's June-End Quarter Profit Rises To Rs 1,642 Crore

Kotak Mahindra Bank on Monday recorded a jump of 32 per cent in its net profit for the first quarter of 2021-22 as it stood at Rs 1,642 crore from Rs 1,244 crore during the corresponding period of last year.

The private lender's net interest income also went up 6 per cent to Rs 3,942 crore in June-end quarter of the current fiscal from Rs 3,724 crore in the corresponding period of the previous fiscal.

Its operating profit for the first quarter of 2021-22 was Rs 3,121 crore, up from Rs 2,624 crore.

The bank's current account deposits grew by 28 per cent to Rs 46,341 during the June-end quarter of the current financial year, as against Rs 36,066 crore for the corresponding period 2020-21.

Kotak Mahindra Bank's Covid-related provisions as on June 30 were maintained at Rs 1,279 crore. In accordance with the Resolution Framework for Covid-19 announced by the Reserve Bank of India, the private lender said it has implemented total restructuring of Rs 552 crore so far.

As at June 30, gross non-performing assets were 3.56 per cent and net non-performing assets were 1.28 per cent.