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 Rs1,642 crore.

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

Kotak Mahindra Bank's net profit for first quarter of current fiscal went up by 32 per cent

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.